- Mid sized Bitcoin wallets expanded supply share from 22.5% in December 2023 to nearly 25% by August 2025.
- Exchange outflows above -$200M between August 16–19 showed investors moving BTC to storage as price slipped to $110K.
- From September 1 to 9, BTC rebounded from $108K to $114K while net flows stayed negative, indicating reduced market liquidity.
Bitcoin wallets holding between 100 and 1,000 BTC have reached record highs, showing notable accumulation during recent market consolidation. This group steadily expanded its share of total supply from 22.5% in December 2023 to nearly 25% by late August 2025. This increase occurred while Bitcoin’s price fluctuated between $70,000 and $120,000, indicating continued growth of mid sized holders despite volatility.
Supply Distribution Expands
The steady climb in holdings by these wallets occurred even as price action moved within a broad $75,000–$115,000 range. Bitcoin pushed past $100,000 in May before stabilizing between $100,000 and $115,000 throughout the summer months.
While price remained sideways from June to August, supply concentration for this cohort continued increasing. This indicates accumulation persisted during quiet phases, often when liquidity becomes more concentrated in fewer hands.
Exchange Flows Show Persistent Withdrawals
A separate view of exchange flows between August 16 and early September shows repeated large withdrawals from trading platforms. Outflows exceeding -$200 million occurred on two separate occasions between August 16 and 19.
During the same period, Bitcoin traded near $117,000 before retreating toward $110,000. However, these heavy withdrawals suggest that coins moved into storage during weakness rather than being sold on exchanges.
Following this, from August 20 to 25, flows stayed net negative at -$50 million to -$150 million daily. Price movement during that window remained contained between $109,000 and $113,000. Despite some inflows, the stronger pace of withdrawals showed ongoing movement of Bitcoin away from exchanges into long-term holdings.
Reduced Liquidity
Between August 26 and early September, outflows eased but still dominated, ranging from -$20 million to -$80 million. At the same time, occasional inflows exceeded $100 million, showing mixed sentiment.
Even so, Bitcoin maintained stability between $110,000 and $114,000. From September 1 to 9, Bitcoin rebounded from $108,000 to around $114,000 while net flows stayed slightly negative.
The continuation of withdrawals aligned with this price recovery, indicating a supply environment shaped by reduced liquidity. With both supply distribution and exchange flows pointing in the same direction, market structure remained supported by steady accumulation trends.
