Whales have accumulated more than 20,000 BTC since July 29, while US spot ETFs attracted $754.69 million this week. Two signals close to $1.95 billion, but Bitcoin still stuck below $65,000.
Whales have accumulated more than 20,000 BTC since July 29, while US spot ETFs attracted $754.69 million this week. Two signals close to $1.95 billion, but Bitcoin still stuck below $65,000.
Bitcoin still hasn’t taken off. Behind the scenes, however, large wallets are accumulating. Yesterday, Cointribune reported a record accumulation of whales on major cryptos. New data from Santiment now narrows the scope: addresses holding between 10 and 10,000 BTC have added more than 20,000 BTC since July 29.
€20 bonus for registering on BitvavoThis link uses an affiliate program.On August 7, this stock represented approximately $1.2 billion. Data published by CoinDesk places these purchases in a narrow range below $65,000, while the market continues hesitant sessions. The contrast matters more than the raw figure: large holders absorb supply without causing, for now, a visible break in price.
Santiment also observes sales among smaller holders. The analytics firm estimates that this divergence increases the likelihood of a return above $70,000 rather than a drop below $60,000. This reading remains a scenario, not a certainty. A whale may accumulate to invest long-term, hedge a position, or reorganize assets.
Another caution: mechanically combining the $1.2 billion accumulated on-chain and the ETF inflows does not prove the arrival of $1.95 billion of completely distinct capital. The two sets measure different phenomena. Their convergence indicates, however, that demand is waking up across multiple channels simultaneously.
The institutional signal comes from US-listed spot ETFs. According to the SoSoValue flow chart cited by CoinDesk, these products have captured $754.69 million since the beginning of the week of August 3. At this pace, they are on track for their best week since April.
The movement extends an improvement already noticeable when bitcoin ETFs finished July in the green despite last-minute outflows. In August, the tone change becomes clearer: over half a billion dollars had already flowed into these funds, including more than $240 million in Wednesday’s session alone, according to Liya Kalchev, analyst at Nexo.
However, the price has not followed with the same vigor. This is the detail that prevents talking of a true restart. Kalchev reports that some desks see the marginal buyer as a tactical player, still unconvinced by a sustainable recovery.
In other words, investors are repositioning but keep a hand near the exit.
This lag does not invalidate the ETF inflows. It rather shows that available supply remains sufficient to contain the market around $64,000. A clear close above $65,000 would change the interpretation: it would turn a discreet accumulation into a possible recovery signal. As long as this threshold holds, flows act more as a floor than a driver.
Bitcoin still faces two brakes. The first comes from the market itself: several attempts below $65,000 have not resulted in an acceleration, despite whale purchases and ETF returns. The second is political, since the US Senate is not expected to vote on the CLARITY Act in August.
Regulatory uncertainty arrives at a bad time. Adoption of the text would clarify the division of powers between US regulators and could facilitate the involvement of new institutional players. Its delay does not remove current demand, but delays a catalyst closely watched by Wall Street.
Small holders’ nervousness is also explained by the hack of Coldcard wallets, with losses reaching $120 million according to Santiment and CoinDesk. Cointribune followed the consequences of this security breach, reminding that an operational shock can weigh on sentiment without changing the long-term buyers’ fundamental thesis.
In sum, whales and ETFs send the same message, but the price still refuses to confirm it. On-chain accumulation, institutional inflows, and a breakthrough of $65,000 could eventually reinforce each other. Conversely, the delay of the US vote and renewed risk aversion would keep bitcoin in its current zone. The uncertainties around the CLARITY Act therefore remain the lock to watch.
