Bitcoin whales add 88,987 BTC – So why are traders buying protection?

Bitcoin holders with 10–10,000 BTC accumulated 88,987 BTC over the past month, lifting their holdings to a six-month high. According to Santiment’s X post, these wallets expanded their collective balances beyond 13.69 million BTC. Accumulation began around the 19th of September and continued through Bitcoin’s latest price fluctuations. Santiment highlighted the historical alignment between changes in this cohort’s holdings and broader Bitcoin price trends. These holders kept increasing their exposure, although Bitcoin struggled to establish a convincing recovery around $82,000. Their growing balances raised a question: What was keeping traders cautious while large holders bought? Why were Bitcoin options traders paying for protection? Bitcoin’s options market reflected unusually subdued volatility expectations.

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