According to Woofun AI, the Bitcoin price experienced sharp volatility, falling from a high of $87,400 to around $83,000 before rebounding above $85,000, and has now entered a range-bound consolidation phase.

Against this backdrop, retail investors remain on the sidelines, while Bitcoin whales are using the consolidation period to accelerate their accumulation, creating a striking contrast in capital behavior.

Changes in on-chain holding structure reveal this trend. Over the past 10 days, wallets holding between 10 and 10,000 BTC increased their holdings by 41,025 coins, bringing their total to 13.64 million coins, or 67.93% of the total supply. In comparison, wallets holding less than 0.01 BTC showed virtually no change.

Data compiled by Woofun AI shows that between July 15 and September 23, wallets holding between 100 and 1,000 BTC added 113,950 coins, raising their total holdings to approximately 5.24 million coins, indicating that mid-to-large holders are systematically building positions.

Institutional capital flows further confirm the strength of demand. For the week ending September 25, U.S. spot Bitcoin ETFs (IBIT.US) recorded net inflows of $2.4 billion, the highest since October 2025, with BlackRock's IBIT contributing approximately $1.2 billion. Total inflows over seven consecutive weeks reached $3 billion, pushing 2026 net flows back into positive territory.

On the corporate side, Strategy (MSTR.US) purchased 1,665 BTC at an average price of $85,681, spending $142.7 million and raising its holdings to 847,666 coins. Strive (ASST.US) spent $94.5 million to buy 1,107 coins, bringing its holdings to 27,462 coins.

If ETF inflows continue and whale accumulation does not slow, the imbalance between large buyers and inactive small wallets will intensify. Once these BTC are moved into long-term custody accounts, the market's circulating supply will contract further, laying a structural foundation for a subsequent price breakout.