Large Bitcoin wallets have reached a six-month high, even as smaller holders retreated.

Another push above $65,000 failed to hold on Tuesday, sending Bitcoin back below $64,000. The crypto asset was down more than 1.6% over the past day.

Against this backdrop, large BTC wallets are back at levels not seen in months. Meanwhile, smaller holders are steadily losing ground.

Elite Wallets Are Moving Up

Bitcoin’s elite wallet count has returned to a six-month high. There are now 90 wallets holding at least 10,000 BTC. According to the latest data shared by Santiment, the number has risen by 6 wallets over the past 8 weeks, a 7% increase. At the same time, holdings among micro wallets have been falling in August. The analytics firm attributed this decline to retail FUD following the Coldcard hacks and delays surrounding the CLARITY Act.

Santiment explained that the supply is moving toward stronger hands ahead of the next major market fluctuation. This shift usually raises the likelihood that the next major fluctuation will be bullish.

Bitcoin’s next move could now depend on whether it can clear $65,400. Doctor Profit recently said that the level remains important after several failed attempts to break above it. A move past it alone would not confirm a breakout; the analyst is looking for several weekly closes above the level instead.

If the crypto asset manages that, the next major resistance areas sit around $77,000 to $78,000 and $83,000.

A rejection, however, could put $61,500 back in focus, followed by $54,000. The analyst also flagged a change in market sentiment, as stablecoin holders are now showing more fear of missing out as BTC pushes higher.

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Institutional Demand Takes a Hit

Institutional interest cooled on Monday as US spot Bitcoin ETFs recorded $144.67 million in net outflows. It was the first negative session for the funds in August, which ended a five-day winning streak.

BlackRock’s IBIT was the biggest loser, shedding $53.5 million. Grayscale’s GBTC followed with more than $52 million, while Fidelity’s ETF lost over $40 million.

Meanwhile, the world’s largest corporate Bitcoin holder continued to sell part of its holdings. The company offloaded another 1,690 BTC for $108.6 million and used the money to buy back 1.15 million STRC preferred shares. It also sold 6.59 million MSTR shares and raised a little over $653 million. That pushed its USD reserve above $4.6 billion.

Its holdings have now fallen to 840,447 BTC, which were acquired for $63.36 billion at an average price of $75,385.