Smart Money Accumulates Bitcoin Amid Rising 10‑Year Treasury Yields

Bitcoin wallets in the 100‑to‑1,000 BTC range have added 113,950 BTC since July 15, raising their total holdings to about 5.24 million BTC, a 2.22 % increase, according to Santiment data. The accumulation was reported as Bitcoin’s price slipped below $84,000.

Why This Cohort Matters

Santiment identifies the 100‑to‑1,000 BTC wallets as a “smart money” group that has historically tracked market direction. Over a five‑year study, the cohort tended to build positions ahead of or during strong price moves, providing early signals of bullish momentum.

Recent Accumulation Pattern

The group continued adding coins as Bitcoin rose from mid‑August, suggesting that well‑capitalized holders supported the rally alongside retail traders. Santiment notes that sustained buying from this cohort has historically generated alpha, especially when combined with retail fear and exchange‑flow data.

Macro Pressure from Treasury Yields

Bitcoin’s recent price action has been volatile. After breaking above $84,000 on September 21 and triggering $262.30 million of short liquidations, the cryptocurrency fell back below that level following a strong U.S. PMI report that pushed the 10‑year Treasury yield above 5 %. The yield rise revived concerns about further Federal Reserve rate hikes.

On‑Chain Support Levels

Glassnode’s on‑chain analysis shows the largest cluster of long‑term holder supply between $84,000 and $85,000. Bitcoin briefly dipped to about $83,500 but closed near $84,400. The next price target identified by Glassnode is $95,000‑$97,000, aligning with the mean Market Value‑to‑Realized Value (MVRV) price. Holding above $84,000 keeps this path open, while a break below could bring the $77,000 True Market Mean back into focus.