Large bitcoin holders appear to be returning to buying. Around 43,000 BTC would have been accumulated in the space of 60 days, according to data from CryptoQuant. The movement contrasts with previous months, marked by more sales. For now, this return to purchasing looks more like a change in behavior than a real supply shock.
In brief
- Around 43,000 BTC was accumulated in 60 days by a category of large wallets tracked by CryptoQuant.
- This represents a theoretical average close to 717 BTC per day, without meaning that the purchases were regular.
- At the same time, 28,000 BTC returned to centralized platforms in three weeks, which calls for putting the signal into perspective.
Whales return to buying, but supply remains available
The change in behavior is notable. After several months of sales, some large holders have reportedly started to strengthen their positions again, with around 43,000 BTC accumulated over two months.
However, this recovery comes in a market where bitcoins also continue to circulate on platforms. Tremplin.io reported on August 18 the return of 28,000 BTC on exchanges.
However, the two figures do not describe the same thing. The 43,000 BTC concern a cohort of wallets monitored by CryptoQuant, excluding exchanges and mining pools. The 28,000 BTC correspond to an increase in reserves held on the platforms. It would therefore be misleading to simply subtract one from the other.
According to Bitcoin.com Newspurchases would have resumed in particular when bitcoin was moving around $60,000. BTC is now trading around $69,600, after surpassing the $65,000 zone, a level that remains important for measuring the strength of demand.
What the data mainly shows is a change in attitude: certain large portfolios seem less inclined to sell and are starting to gain exposure again. On the other hand, it does not allow us to know what quantity of BTC has actually left the market in a lasting manner.
43,000 BTC in 60 days, a figure to be handled with caution
Reported to 60 days, the 43,000 BTC represents approximately 717 BTC per day. This average gives an idea of the extent of the movement, but it does not describe the daily reality of purchases. The accumulation could very well have been concentrated over a few periods.
The movement is reminiscent of that observed at the end of July. Tremplin.io then noted more than 20,000 BTC accumulated by large wallets, particularly when the price was moving below $65,000.
It is impossible, however, to add these two figures directly. The periods observed overlap and the groups of portfolios monitored are not necessarily identical.
We also need to keep in mind how on-chain data works. CryptoQuant explains identify and group addresses in order to distinguish exchanges, miners, funds and other actors. These classifications are regularly refined. They therefore offer a good reading of trends, but not a perfect photograph of each holder.
Maintaining above $65,000 will serve as a test
The accumulation of whales will gain more weight if it continues as bitcoin faces strong selling pressure again. A simultaneous drop in reserves on exchanges would also reinforce the idea that more BTC is being held for the long term.
Conversely, if the platforms’ reserves continue to increase or if large wallets start distributing their holdings again, the 43,000 BTC accumulated will appear mainly as a temporary repositioning.
Even the dollar valuation of the movement must be taken with caution. The source mentions approximately 2.75 billion dollars in one place and 2.9 billion elsewhere. The volume of 43,000 BTC therefore remains the most reliable indicator to remember.
For the market, the next signal will above all be the ability of bitcoin to remain above $65,000. Tremplin.io recently reported a brief passage above this level. At $69,600, BTC is now moving significantly above this zone. A lasting installation at these levels, accompanied by persistent purchases by large portfolios, would give more weight to the scenario of a recovery.
For the moment, the 43,000 BTC accumulated above all show that certain whales have changed their behavior. This is an encouraging signal, but still insufficient to conclude that there is a real supply shock or a lasting recovery of bitcoin.
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