Large Bitcoin holders accumulated 104,340 BTC in recent weeks as on-chain data signalled renewed activity from wealthy investors.
Santiment data showed wallets holding at least 1,000 BTC lifted total whale-held supply to 7.17 million BTC, the highest level since September 2025.
Mid-sized wallets holding between 10 and 10,000 BTC were also net buyers, adding roughly $3.21 billion worth of Bitcoin.
Small retail wallets moved in the opposite direction, selling about 132 BTC during the same period.
Transfers worth $1 million or more rose to a two-month high, indicating increased institutional and high-net-worth participation.
Analysts said these large movements often reflect custody changes, exchange transfers or long-term accumulation strategies.
Bitcoin prices lagged the on-chain strength, trading near $87,700 with modest daily and weekly declines.
Trading volumes increased despite price weakness, suggesting some investors are building positions at current levels.
Market sentiment remained cautious as geopolitical risks and macro uncertainty continued to weigh on risk assets.
Reports pointed to rising political tension involving the United States, contributing to broader market volatility.
At the time of reporting, Bitcoin price was $88,616.71.