Mid-Tier Bitcoin Wallets Accumulate While Treasury Yields Pressure Price

From July 15, addresses containing 100 to 1,000 BTC have purchased 113,950 more coins, Santiment data indicates.

That accumulation raised the combined balance of the group by 2.22%, to roughly 5.24 million BTC. The figures were released as the price slid under $84,000 on Wednesday.

Five-Year Study Validates Bitcoin Smart Money Accumulation Signal

Why is this build-up significant? The cohort is classified by Santiment as one of the ‘most useful smart money groups to watch.’ According to a five-year study, the behavior of these wallets has historically mirrored the crypto market’s moves.

Over time, this group has usually accumulated either before or while Bitcoin enjoys its stronger price periods.

The latest activity aligns with that history. The group continued to buy as Bitcoin moved higher from mid-August. Santiment says that indicates the uptrend was backed by both deep-pocketed investors and retail participants.

“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.

Rising Treasury Yields Push Bitcoin Below Key Threshold

This accumulation is taking place in a choppy week for Bitcoin, which has been see-sawing between strong gains and declines since Monday. On September 21, the digital asset broke above $84,000, a level not seen since January 31.

That surge caused $262.30 million in short positions to be liquidated in an hour, per CoinGlass data. The rise also followed Bitcoin’s first weekly finish above its 50-week moving average in 45 weeks.

But macro factors reversed on Wednesday. A stronger-than-expected US PMI report drove the 10-year Treasury yield past 5%, renewing concerns about a potential Federal Reserve rate increase.

Bitcoin dropped under $84,000. That same price zone appears in Glassnode’s on-chain metrics.

Glassnode Identifies $84,000 as Key Level for Long-Term Holders

According to Glassnode, the biggest concentration of long-term holder supply sits between $84,000 and $85,000. On Wednesday, Bitcoin briefly touched around $83,500 but ended the day close to $84,400 on Binance.

On Thursday, the price eased to approximately $83,800, slightly beneath the lower boundary of that range. The daily candle is still forming, so no confirmed breakdown has occurred.

Glassnode views the $95,000 to $97,000 range as Bitcoin’s next big hurdle. The mean MVRV price stands at $96,700, which falls inside that band.

“The next test is $95K-$97K, where options positioning and the mean MVRV price meet,” the firm said.

The company added that staying above $84,000 leaves that route viable. But a decline below that level would reintroduce the $77,000 True Market Mean as a target.