Bitcoin’s largest wallets are making a comeback!

The number of wallets holding at least 10,000 BTC has climbed back to a six-month high of 90 wallets.

That may sound like a relatively small change, but the trend is worth watching. Over the past eight weeks, the network has seen a net increase of 6 wallets in this category - roughly a 7.1% rise.

At the same time, smaller wallet balances have been declining during August, suggesting that some of the supply is gradually shifting away from smaller holders and toward the largest wallets. Market uncertainty, recent security concerns, and delays around crypto legislation have clearly contributed to more cautious sentiment among retail participants.

And while smaller holders appear to be reducing their exposure, the largest Bitcoin wallets are increasing their presence again. Of course, wallet concentration alone doesn't tell us where price goes next cause large holders can accumulate for many different reasons, and on-chain data should always be viewed in context.

Still, seeing 90 wallets with 10K+ BTC after a sustained period of market uncertainty is a notable change in Bitcoin's supply distribution.