Bitcoin has seen a 4% decline over the past week, trading near $66,000. However, wallets with 10 or more BTCs have reached their highest holding level in two years, indicating a potential market recovery. This increase in holdings mirrors pre-FTX collapse levels, suggesting that the absence of FTX’s influence has allowed the market to reflect demand more accurately.

Santiment's data reveals that these wallets currently hold 16.16 million BTC, representing 82% of the total bitcoin supply. This suggests that the correlation between large-holder buying/selling behavior and market prices has reasserted itself post-FTX, with whale wallet holdings now more directly impacting and reflecting the broader market valuation.

The mass bitcoin selling was revealed during the FTX trial last year, where evidence suggested that FTX execs had manipulated bitcoin prices. Post-FTX, whale wallet holdings have become a stronger indicator of market trajectory, indicating a more transparent and accurate reflection of market demand and value.