Wallets holding 10 to 10,000 BTC hit record 20,338, Santiment says

Santiment's framing is the notable part: it treats accumulation during consolidation as a confidence signal rather than a momentum one, which shifts the emphasis from price action to holder composition. That matters most for market structure watchers, since the 10–10,000 BTC band spans small funds through mid-tier whales, a group whose behavior is harder to read than either retail or the largest holders. The open question is whether this cohort keeps expanding if volatility persists, or whether the record simply reflects consolidation-era positioning that unwinds when direction returns.