Bitcoin holds near $64,300 as whales buy $2.64B in two months

Whales accumulated $2.64 billion in Bitcoin over two months, building a base under the market as sovereign selling and rising yields pressure risk assets.

Bitcoin held near $64,296, up 0.21% in 24 hours, as whales accumulated $2.64 billion over two months while Bhutan moved 300 BTC.

"Whales have accumulated around $2.64 billion worth of BTC over the past two months, indicating continued dip-buying," the CoinSwitch Markets Desk said. The buildup, tracked by CryptoQuant, points to a transfer of coins from short-term to long-term holders, a structurally bullish signal even as macro headwinds persist.

The Royal Government of Bhutan transferred 300 Bitcoin, worth about $19.28 million, to a new wallet address, according to blockchain tracker Lookonchain. The move follows a 66 BTC deposit to Binance last month, part of the country's active management of a sovereign stash accumulated through hydropower-powered mining since 2019. Bhutan's transfers come as the 30-year US Treasury yield climbed to 5.34%, its highest since January 2007, and the 10-year yield reached 4.7% — an environment hostile to risk assets.

Bitcoin's resilience against that backdrop has widened its divergence from equities. The Nasdaq is down almost 3% for the quarter, while Bitcoin has delivered a positive return of nearly 9% over the same period. If the whale accumulation reflects strategic positioning rather than random buying, a short squeeze could push Bitcoin toward $70,000 by the end of the third quarter, analysts said.

Whale buying vs. sovereign selling

The divergence between whale accumulation and government transfers frames the current consolidation. Bitcoin has held a narrow range for two months despite the absence of sustained ETF inflows and continued miner selling. Spot volume recently fell to its lowest level since 2019, according to Giottus CEO Vikram Subburaj, with $63,000 representing the Median Realised Price — a level that suggests selling pressure may be easing but stronger demand is still needed for a breakout.

US spot Bitcoin ETFs recorded net inflows on Monday, snapping three consecutive sessions of outflows, per Coinglass data. That followed roughly $390 million in net outflows from US spot Bitcoin ETFs last week, which, combined with miner selling, has limited fresh buying momentum despite an improving macro backdrop, said Avinash Shekhar, co-founder and CEO of Pi42.

Key levels and the path to $70,000

Bitcoin briefly reclaimed $65,000 on Tuesday for the first time since Aug. 10, helped by a rebound in US equities even as US-Iran tensions around the Strait of Hormuz persisted. CryptoQuant data suggests the move could be a "low-volume liquidity trap" driven mainly by short covering rather than strong spot demand, with 637 BTC in short liquidations, said Prateek Gupta, head of business at Mudrex.

Immediate support sits around $63,900-$64,150, while $64,320-$64,500 forms the first resistance zone, said Nischal Shetty, founder of WazirX. A close above $65,000 could open a path toward stronger resistance near $66,000, while a slip below $63,800 risks exposing the $63,000 support region.

Ethereum held above $1,911, up 0.95% in 24 hours, adding a constructive signal for broader altcoin sentiment. Solana traded near $76.88, TRON near $0.3327, and Hyperliquid led top-10 gainers with a 1.40% advance.

The FOMC minutes, due later Wednesday, and the White House meeting between crypto executives and President Trump stand as the next events to watch for direction. Traders are also tracking the SEC's Regulation Crypto proposal and Goldman Sachs' move to acquire bitcoin ETF manager NEOS in a deal valued at up to $2.25 billion.

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