Mid-Sized Bitcoin Wallets Shed 64,900 BTC in Sharp Distribution

Bitcoin wallets holding between 10 and 1,000 BTC reduced their aggregate balances by approximately 64,900 BTC during a roughly 24% drawdown, and accumulation by larger wallets did not offset the reduction, according to on-chain data tracking address cohorts.

The distribution was heavily concentrated in the upper band of that group. Wallets holding 100 to 1,000 BTC accounted for 50,500 BTC of the decline, or nearly four of every five coins shed. Wallets in the 10 to 100 BTC band reduced balances by a further 14,400 BTC.

The selling was not matched evenly on the buy side. Wallets holding at least 1,000 BTC added roughly 47,000 BTC over the same window, leaving a net shortfall of close to 18,000 BTC across the tracked cohorts. Most of the inflow came from the 1,000 to 10,000 BTC band, which absorbed approximately 43,700 BTC — meaning wallets above 10,000 BTC contributed only about 3,300 BTC of new demand.

That asymmetry matters. When coins migrate from mid-sized holders to whales, ownership concentrates but total demand does not necessarily expand. In this case, the whale cohort absorbed less than three-quarters of what mid-sized holders sold, which is a distribution pattern rather than a simple transfer of supply up the size ladder.

The demand backdrop is weaker still. Bitcoin's 30-day apparent-demand measure stood at approximately negative 284,000 BTC, its weakest reading since April 2025. For context, that figure represents coins being returned to liquid circulation faster than new issuance and dormant supply can absorb them — a deficit measured over a single month.

Realized-loss data reinforces the picture. Since October 29, net realized losses have been recorded on 14 of 16 days, totaling approximately 84,000 BTC. That is an unusually persistent streak: holders capitulating at a loss on nearly nine of every ten trading days in the period.

What does this change for market practitioners?

For traders and desk analysts, the cohort breakdown reframes the drawdown as a structural event rather than a routine pullback. Mid-sized wallets — often funds, family offices and high-net-worth individuals — are the marginal sellers here, and their 64,900 BTC reduction dwarfs the 47,000 BTC absorbed by whales.

For custody and brokerage desks, sustained net realized losses on 14 of 16 days signal client capitulation at scale. That pattern typically precedes either a supply exhaustion point, once willing sellers are cleared, or continued deleveraging if losses force further sales.

For allocation teams, the negative 284,000 BTC 30-day apparent-demand reading provides a concrete baseline. Any recovery in demand must first close that deficit before net absorption resumes — the weakest print since April 2025 sets a measurable threshold for the next trend confirmation.

The immediate question is whether whale accumulation, currently running below the pace of mid-sized distribution, broadens in the coming weeks or whether the 10 to 1,000 BTC cohort continues to unload into a demand profile last seen in April 2025.