Santiment metrics indicate that Bitcoin (BTC) wallets holding between 100 and 1,000 BTC have accumulated 113,950 BTC starting from July 15.
These acquisitions raised the tier’s combined holdings by 2.22%, reaching approximately 5.24 million BTC. Santiment published these statistics as Wednesday’s trading saw the asset’s price drop beneath $84,000.
A 5-Year Track Record Behind the Bitcoin Smart Money Signal
The significance of this accumulation stems from Santiment identifying this specific demographic as one of the “most useful smart money groups to watch.” Their five-year analysis demonstrated that these wallets closely mirror the trajectory of the broader cryptocurrency market.
Historically, this category has consistently established positions prior to or throughout periods of robust price momentum for Bitcoin.
The current upward cycle aligns with that pattern. As Bitcoin rose beginning in mid-August, this cohort continued to accumulate coins, which Santiment interprets as a sign that the price climb enjoyed backing from well-financed investors alongside everyday traders.
“Sustained buying from the 100-1,000 BTC group has historically been valuable alpha, especially when paired with retail fear, sentiment, and exchange-flow data,” the post read.
Treasury Yields Drag Bitcoin Under a Key Level
This accumulation phase coincides with an erratic trading week for Bitcoin, characterized by significant fluctuations since the start of the week. Bitcoin surpassed $84,000 on September 21 for the initial time since January 31.
CoinGlass data shows that this price surge wiped out $262.30 million worth of short positions in a single hour. Furthermore, the event followed Bitcoin achieving its first weekly close above its 50-week moving average in a span of 45 weeks.
Nonetheless, macroeconomic headwinds disrupted the momentum on Wednesday. A robust US PMI release drove the 10-year Treasury yield past the 5% threshold, reigniting anxieties regarding a potential Federal Reserve interest rate increase.
Consequently, Bitcoin dropped below $84,000—a threshold that also figures prominently in on-chain statistics provided by Glassnode.
Glassnode Draws the Line at $84,000
According to Glassnode, the densest concentration of long-term holder supply resides between $84,000 and $85,000. On Wednesday, Bitcoin experienced a brief descent to roughly $83,500 before finishing the session near $84,400 on Binance.
The price pulled back to approximately $83,800 on Thursday, resting just beneath the lower boundary of that range. Because the daily trading session remains active, a definitive breakdown has not yet been confirmed.
Looking ahead, Glassnode designates $95,000 to $97,000 as the upcoming major hurdle for Bitcoin, noting that the mean Market Value-to-Realized Value (MVRV) price sits at $96,700 within that same corridor.
“The next test is $95K-$97K, where options positioning and the mean MVRV price meet,” the firm said.
The organization noted that maintaining values above $84,000 keeps that upward trajectory viable, whereas a fall beneath that mark would place the $77,000 True Market Mean back into focus.
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