Bitcoin could target $110K as retail sells and whales accumulate: Santiment

Bitcoin appears poised for a potential move toward the $110,000 level as on-chain data shows a growing difference between whale and retail investor behavior.

According to analytics firm Santiment, Bitcoin’s important whale and shark tier (wallets holding 10-10,000 BTC) has added 83,105 Bitcoin in the last 30 days. However, the smallest retail holders (less than 0.1 BTC) have cut their stakes by 387 BTC over the same time period.

Bitcoin whale accumulation surges

Santiment has identified a sudden increase in Bitcoin holdings among large investors. This contrasts sharply with the behavior of retail traders. Their research shows that throughout the last 30 days, wallets with 10–10,000 BTC have added 83,105 to their holdings.

This accumulation by large holders occurs simultaneously with smaller investors reducing their exposure to the market. Retail wallets holding less than 0.1 BTC have collectively decreased their holdings by 387 BTC during the same 30-day period. Santiment notes that “for both tiers, these are major movements relative to how much they hold in tota.”

🐳🦈 Bitcoin's key whale & shark tier (holding 10-10K BTC) have now accumulated 83,105 more BTC in the past 30 days. Meanwhile, the smallest retail holders (holding <0.1 BTC) have dumped 387 BTC in the same time period.

For both tiers, these are significant movements relative to… pic.twitter.com/Xg5FmF57GQ

— Santiment (@santimentfeed) May 13, 2025

The difference extends far beyond the smallest owners. Santiment reports that smaller wallets, even the tiers just above 0.1 BTC show clear evidence of profit taking with the thinking crypto could hit its peak soon. This is reflective of profit-taking from various classes of retail investors.

Despite this retail selling pressure, Santiment is optimistic regarding the price trend of Bitcoin using the whale accumulation trend. Based on their assessment, “with the aggressive accumulation from these large wallets, it may be a matter of time until Bitcoin’s coveted $110K all-time high level is breached.”

The firm specifically credits this potential price action to recent geopolitical developments. They clarified that the breakthrough would come especially after the U.S. & China tariff pause. That means easing trade tensions would further bolster the upside momentum of Bitcoin and complement the good on-chain indications.

Bitcoin shows structural rotation

New research by Galaxy Asset Management indicates that Bitcoin has demonstrated resilience in the wake of market uncertainty triggered by President Trump’s tariff announcements. Since April 2, when the “Liberation Day tariffs” were announced, Bitcoin has gained approximately 11%. BTC was outperformed only by traditional safe-haven assets and tech stocks, says Galaxy.

During times, the Nasdaq Composite stabilized after initial, sharp losses, and the Bloomberg Dollar Index dropped nearly 4% below. Gold, usually the superior safe-haven, rose by 5.75% after briefly hitting an all-time high at $3,500/oz before reversing back.

One particular noteworthy development is the reduced volatility of Bitcoin relative to mainstream markets. Over the last ten trading days, Bitcoin’s realized volatility fell to 43.86. It is now trading below the Nasdaq 100 at 51.26 and the S&P 500 at 47.29. It is a rare convergence for an asset that has historically been known to be more volatile than mainstream markets.

Fund flows further support this structural rotation. U.S.-listed spot Bitcoin ETFs attracted $2.9 billion in net inflows during April. This has reversed approximately $4.4 billion in outflows recorded across February and March.

Chris Rhine, Head of Liquid Active Strategies, notes that “Bitcoin as a non-sovereign asset means an investor doesn’t need the full faith or tax basis of a nation to support the integrity of the asset.”

Supply-demand dynamics support price targets

The difference in behavior between large and small Bitcoin holders shows overall supply-demand dynamics that could push Bitcoin toward Santiment’s $110,000 price target. As retail investors take profits, their selling pressure is being more than offset by substantial whale accumulation. This creates a net reduction in available supply on exchanges.

This accumulation pattern mirrors previous cycles where major price movements followed periods of whale activity. Galaxy Asset Management’s report adds context as they noted that “growing demand from institutional investors is unfolding against a backdrop of constrained supply, with 95% of Bitcoin’s total supply already mined in previous halving cycles.”

Ian Kolman, Director & Co-Portfolio Manager at Galaxy, emphasizes that “Bitcoin’s supply and demand dynamics are solidifying its place as a mature digital store of value.” This maturation process has been accelerated by the entrance of institutional capital through ETFs and other investment vehicles.

The recent U.S.-China tariff pause mentioned by Santiment could serve as an additional catalyst by reducing immediate market uncertainty. Historically, Bitcoin has responded positively to easing geopolitical tensions.

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