Bitcoin whales add $1.2B in BTC as ETF inflows hit $750M

Bitcoin whales accumulated $1.2 billion in BTC since July 29 while spot ETFs drew $754.69 million this week, on-chain and fund flow data show.

"The clearest shift has come in institutional flows," Liya Kalchev, analyst at Nexo, said. "Spot Bitcoin ETFs have taken in more than half a billion dollars so far in August, with inflows building through the week and Wednesday alone contributing over $240 million — a sharp reversal from June, when the funds recorded their worst month on record."

Blockchain data tracked by Santiment shows wallets holding 10 to 10,000 BTC accumulated over 20,000 coins, worth $1.2 billion at the current market price, in a narrow range below $65,000. "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. The firm tied the divergence to the Coldcard hardware wallet hack that began July 30, which has seen the attacker walk away with $120 million in bitcoin, plus uncertainty over the stalled CLARITY Act.

Despite the accumulation, BTC's spot price has not broken meaningfully higher. Bitcoin traded at $64,241 as of 05:45 UTC Friday, down 0.92 percent over 24 hours, with a market cap of $1.29 trillion and 24-hour volume of $16.14 billion, per CoinGecko. The price holds below the 50-day EMA near $64,650. Kalchev said the muted price reaction suggests the marginal buyer "looks more tactical than convicted," and that a genuine recovery narrative likely needs a decisive close above $65,000.

ETF flows point to a tentative institutional bid

U.S.-listed spot bitcoin ETFs pulled in $754.69 million in investor funds this week, according to SoSoValue data, putting them on track for their strongest week since April. The inflows follow a $211.49 million net inflow on Tuesday and $170.09 million the prior day, per SoSoValue, and mark a sharp reversal from June, when the funds recorded their worst month on record.

The accumulation has happened even as the U.S. Senate is unlikely to vote on the CLARITY Act before its summer break, a headwind for legislation widely seen as unlocking a larger institutional bid for crypto. Bitcoin's price chart patterns point to potential for a notable rally, but the stalled legislative timeline and the ongoing Coldcard hack fallout keep the market range-bound below $65,000.

For the broader market, the divergence between whale accumulation and retail apathy is a familiar setup. If BTC closes decisively above $65,000, the next resistance sits near the 100-day EMA at $67,079, with the 200-day EMA at $72,649 further overhead. A failure to hold $64,004 support would expose the pair to renewed selling pressure below the recent range floor.

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