Since July 15, a specific category of Bitcoin wallets has been accumulating aggressively — and the numbers are hard to ignore. 113,950 BTC have been added by addresses holding between 100 and 1,000 BTC, according to Santiment data. The price briefly touched $87,000 before stabilizing around $84,000.
This move raises a central question: is this durable demand capable of pushing Bitcoin toward new highs, or simply a short squeeze that will run out of steam once leverage unwinds? The coming weeks will provide a concrete answer.
Mid-Whale Accumulation Is Changing the Market Narrative
Wallets holding between 100 and 1,000 BTC — commonly referred to as “mid-whales” — have grown their combined holdings to 5.24 million BTC, a rise of 2.22% since July 15. Santiment has been tracking this segment for five years, and its behavior has historically preceded or accompanied significant upside phases. This signal is therefore far from trivial.
What sets this move apart is its continuity throughout the recovery phase. Mid-whales did not wait for a breakout confirmation before buying — they accumulated steadily throughout the entire rally. This indicates that the current move is not driven solely by retail flows, but by structured demand from participants with a longer-term conviction.
Bernardo Brites, co-founder of Trace Finance, does however add some nuance to that reading: “I wouldn’t interpret this as a broad return of risk appetite. Bitcoin rallying despite rising rates, oil at $100, and elevated yields suggests that some investors are treating it as a hedge against inflation, fiscal risk, and geopolitical uncertainty.” A distinction that fundamentally shifts the underlying investment thesis.
The $88,000–$90,000 Zone: Why This Resistance Is Structural
Bitcoin has reclaimed its 365-day moving average around $80,500 — a level it had not broken back above since March 2023, a move that at the time preceded a major rally. It has also cleared the $76,000–$81,000 supply zone that had been capping price action for several weeks.
The $88,000–$90,000 band represents the next real resistance, and this is not simply a matter of round-number psychology. A significant concentration of Bitcoin sits within this price range, meaning that meaningful sellers are likely to step in as soon as price approaches it. This is precisely why $90,000 represents the true test of the current cycle.
Two scenarios are taking shape: if Bitcoin ETF inflows resume and stablecoin supply continues to grow, the foundation beneath the rally consolidates ahead of an assault on resistance. Conversely, a slowdown in ETF inflows while price stalls below $88,000 leaves the move exposed to a sharp reversal, particularly through the unwinding of leveraged positions. Ki Young Ju, founder of CryptoQuant, believes this cycle is more likely to produce a 3x to 5x rally than a mere technical bounce — a perspective that underscores just how closely these levels deserve to be watched.
