Bitcoin: 20,000 BTC accumulated by large wallets since the end of July

Whales have accumulated over 20,000 BTC since July 29, while US spot ETFs attracted $754.69 million this week. Two signals close to $1.95 billion, but one bitcoin still stuck under $65,000.

Whales scoop up 20,000 BTC while market stalls

Bitcoin is still not taking off. Behind the scenes, however, the big wallets are accumulating. Yesterday, Tremplin.io already noted a record accumulation of whales on the main cryptos. The new data from Santiment now tightens the frame: addresses holding between 10 and 10,000 BTC have added more than 20,000 BTC since July 29.

At the price observed on August 7, this stock represented approximately $1.2 billion. Data published by CoinDesk place these purchases in a narrow band, below $65,000, while the market continues hesitant sessions. The contrast matters more than the raw figure: the large holders are absorbing the supply without causing, for the moment, any visible change in the price.

Santiment is also observing sales among the smallest carriers. The analytics firm believes this divergence increases the likelihood of a move back above $70,000 compared to a move below $60,000. This reading remains a scenario, not a certainty. A whale may accumulate to invest for the long term, hedge a position or reorganize its holdings.

Another caution: mechanically adding the 1.2 billion dollars accumulated on-chain and the ETF flows does not prove the arrival of 1.95 billion in entirely distinct capital. The two series measure different phenomena. Their convergence nevertheless indicates that demand is waking up on several channels at the same time.

Bitcoin ETFs return to their best pace since April

The institutional signal comes from spot ETFs listed in the United States. According to the SoSoValue flow chart covered by CoinDesk, these products have captured $754.69 million since the start of the week of August 3. At this rate, they are heading towards their best week since April.

The movement continues an improvement already noticeable when bitcoin ETFs ended July in the green despite last minute exits. In August, the change in tone became clear: more than half a billion dollars had already flowed into these funds, including more than 240 million on Wednesday alone, according to Liya Kalchev, analyst at Nexo.

However, the course did not follow with the same vigor. This is the detail that prevents us from talking about a real 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 keeping one hand close to the exit.

This discrepancy does not invalidate the entries recorded by the ETFs. Rather, it shows that the available supply remains sufficient to contain the market around $64,000. A clear close above $65,000 would change the reading: it would turn a quiet accumulation into a possible recovery signal. As long as this threshold holds, the flows play more of a role as a floor than a driving force.

The $65,000 threshold has the last word

Bitcoin still faces two obstacles. The first comes from the market itself: several attempts below $65,000 did not lead to an acceleration, despite the purchases of whales and the return of ETFs. The second is political, since the US Senate is not expected to vote on the CLARITY Act in August.

Regulatory uncertainty comes at the wrong time. Adoption of the text would clarify the sharing of skills between American regulators and could facilitate the engagement of new institutional players. Its delay does not suppress current demand, but it delays a catalyst closely followed by Wall Street.

The nervousness of small holders can also be explained by the hacking of Coldcard wallets, whose losses reached $120 million according to Santiment and CoinDesk. Tremplin.io followed the consequences of this security breach, which reminds us that an operational shock can weigh on sentiment without changing the basic thesis of long-term buyers.

In short, whales and ETFs send the same message, but the price still refuses to validate it. On-chain accumulation, institutional inflows, and a $65,000 crossing could end up reinforcing each other. Conversely, the delay in the American vote and a new risk aversion would keep bitcoin in its current zone. The uncertainties surrounding the CLARITY Act therefore remain the key to watch.