Bitcoin whales load up on $1.2 billion in BTC as ETFs attract $750 million
Bitcoin whales and institutional investors via spot ETFs have significantly increased their holdings, accumulating over $1.9 billion in BTC since late July. Despite this heavy buying, the asset's price remains stagnant, suggesting that current market participants are acting with tactical caution rather than long-term conviction.
Why it matters
The divergence between heavy institutional accumulation and stagnant price action highlights a critical period of market uncertainty, where regulatory delays and security concerns are currently offsetting bullish demand.
Blockchain data tracked by Santiment shows that whales and sharks, or wallets holding 10 BTC to 10,000 BTC, have accumulated over 20,000 BTC, worth $1.2 billion at the ongoing market price, since July 29. The accumulation has happened in a narrow price range below $65,000 where the market has been trading choppily lately.
“With the pattern of key stakeholders accumulating and small holders dumping, the probability of $70K+ BTC becomes more and more probable compared to the likelihood of sub-$60K,” Santiment said on X.
These diverging trends, the firm explained, are tied to the Coldcard hardware wallet hack that began on July 30 and has since seen the hacker walk away with $120 million in bitcoin. The firm said that uncertainty related to the CLARITY Act and the stagnant price action are also a catalyst for micro holders’ apathy.
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