Bitcoin long-term holders add 1.29M BTC in six-year accumulation record

Bitcoin's most seasoned investors are treating the drawdown as a buying opportunity, accumulating 1.29 million coins in the largest six-year accumulation signal on record.

Bitcoin long-term holders accumulated 1.29 million BTC in a single accumulation phase, the highest six-year reading on record, on-chain data shows.

"Long-term holder supply has expanded to nearly 15 million coins that have sat unmoved for at least 155 days, a record high that signals conviction among seasoned investors," Zack Wainwright, research analyst at Fidelity Digital Assets, said.

The accumulation phase pushed the cohort's holdings to a six-year high even as Bitcoin trades roughly 50 percent below its October 2025 peak of above $126,000. Nearly 40 percent of long-term holders now sit at an unrealized loss, according to Fidelity, yet most maintained their positions rather than selling.

The supply tightening from long-term holders coincides with $686 million in Bitcoin leaving Binance, Coinbase and Bybit in a single session on July 20 — the largest daily net outflow since April, per CryptoQuant. With less BTC available on exchanges, any sustained demand could translate into upward price pressure, though the absence of stablecoin reserves on trading platforms complicates that thesis.

Whales Accumulate While Retail Stays on Sidelines

Beyond long-term holders, mid-to-large Bitcoin whales — addresses holding between 1,000 and 10,000 BTC — accelerated buying after the price dropped below $55,000 in July, accumulating over 66,700 BTC worth approximately $4.4 billion, CryptoQuant data shows. The Momentum Whale Inflow Ratio, which tracks large holder behavior, turned negative for the first time in 2026 this week after remaining positive for five consecutive months, signaling that whales are moving coins off exchanges into custody.

Retail participation, by contrast, has been cautious. History shows retail typically re-enters after prices rise, often paying more for the same supply.

ETF Flows Return, But Institutional Demand Remains Fragile

US spot Bitcoin ETFs recorded $723.3 million in net inflows across five consecutive sessions through July 20, reversing a brutal 10-day, $2.7 billion outflow cycle, per CoinGlass data. BlackRock's IBIT led the recovery with $226 million on July 21 alone.

Yet the Coinbase Premium Index has remained below zero since early May, standing at negative 0.062, pointing to persistent weakness in US institutional demand. Recent top buyers who entered Bitcoin between $75,000 and $126,000 are holding approximately 2,450 BTC at a loss, with realized losses running near $90 million monthly.

The structural question that remains: whether the ETF inflow streak represents durable institutional re-engagement or a short-lived relief rally. Over the past 30 days, roughly $2.3 billion in stablecoins left Binance and Bybit — the dry powder that funds crypto buying. Without stablecoins on exchanges ready to be deployed, any Bitcoin rally may lack the fuel to sustain itself beyond the initial move.

This article is for informational purposes only and does not constitute investment advice.