Bitcoin whales add 46,420 BTC as long-term holders distribute

Bitcoin's largest wallets are accumulating at the fastest pace since March while long-term holders keep distributing, leaving the $65,000 support level in question.

Bitcoin fell 1.13 percent to $64,215 as whale wallets accumulated 46,420 BTC while long-term holder supply declined, testing the $65,000 support level.

"Improving institutional flows, stronger taker demand, and less defensive options positioning provide a constructive backdrop, but subdued spot liquidity and weak network activity suggest the recovery has yet to develop into a broad-based expansion," Glassnode said in its weekly market pulse report.

CryptoQuant data show addresses holding more than 10,000 BTC accumulated 46,420 BTC over a 60-day period through Aug. 9 — the highest since March 15 and nearly double the mid-March peak of 23,238 BTC. Wallets holding 0.1 to 1 BTC reduced balances by roughly 9,700 BTC over the same period. Santiment separately counted 90 wallets holding at least 10,000 BTC, a six-month high. Spot Bitcoin ETFs drew about $853.54 million in the week ending Aug. 7, their best week since April 17, according to SoSoValue, though they reversed to a net outflow on Monday.

The conflicting signals leave the $65,000 level as the key battleground. Glassnode said Bitcoin has stabilized at that level, indicating selling pressure has subsided, but spot volume fell from $4.0 billion to $3.4 billion over the observed period. With US inflation data due this week, the coming sessions may determine whether whale accumulation can pull the recovery wider or whether long-term holder distribution drags price below support.

Long-term holder supply inflow stood at 37.4K, suggesting some Bitcoin is moving into long-term hands, according to CryptoQuant. But the amount departing the long-term holder cohort exceeds these inflows, keeping the overall balance in decline. Older coins leave the long-term holder classification when spent or sold, so some investors may still be taking profits or releasing holdings into the market.

Four wallets created in early 2014 moved a combined 114.39 BTC within 48 hours, according to Galaxy Research. The main burst occurred on Aug. 11 when three addresses transferred 87.43 BTC, worth approximately $5.58 million. The coins were originally purchased at an average of $814 per BTC, putting owners' returns near 7,746 percent. Historically, such awakenings of ancient whales rarely lead to an immediate rally and often precede a decline.

The market structure remains mixed. While whale accumulation at these levels could establish a strong base for future upside, continued long-term holder distribution and thinning liquidity leave the recovery fragile. A CryptoQuant analyst flagged a bearish top formation with a downside target near $51,336, about 21 percent below current levels. Monthly trading volume on Binance fell about 45 percent year-over-year in July, while OKX dropped roughly 57 percent, shrinking depth that lets modest flows swing prices sharply.

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