Bitcoin Whales Add 43,000 BTC After Months of Selling

Bitcoin whales added about 43,000 BTC worth $2.75 billion over 60 days, ending months of selling as the coin traded near $60,000, CryptoQuant data shows.

Kavita Gupta, founder and general partner of the Delta Blockchain Fund, said the accumulation reflects movement of Bitcoin rather than outright buying, suggesting some transfers may be custody or exchange movements rather than genuine accumulation.

The cohort recommitted after months of distribution when the coin started trading around $60,000, with balances from so-called dolphins — those with smaller holdings — also growing, according to CryptoQuant. Bitcoin gained more than 2 percent over the past 24 hours to reach $64,900, at the higher end of the $62,000 to $65,000 range it has held since early June, CoinDesk reported. The price remains roughly 49 percent below its October record of $126,000, and the market cap stands near $1.28 trillion.

The whale buying could indicate the market has found a bottom, but concerns persist over retail participation. August spot volumes are the lowest for the month since August 2021, and spot Bitcoin ETFs have recorded $4.5 billion in net outflows year-to-date, according to data cited by 24/7 Wall St.

Who's selling while whales buy

Strategy Inc., one of Bitcoin's biggest corporate buyers, sold 1,690 BTC between Aug. 3 and Aug. 9 at an average price of $64,262 — its fourth disclosed sale of 2026 — taking the year's total to 6,948 BTC. The company's remaining 840,447 BTC were bought at an average of $75,385, meaning it is selling roughly $11,000 below its own cost basis.

Miners have also been selling, converting Bitcoin revenue into data-center buildouts as renting computing power to AI companies pays better than mining. That shift has added $1.78 billion in selling pressure this year, according to 24/7 Wall St.

ETF flows have been inconsistent. Spot Bitcoin funds took in $853 million in the week to Aug. 7, their strongest week since April, then gave back $144.6 million on Aug. 10 and another $61 million on Aug. 12. Across 2026, those funds are $4.5 billion in net outflows.

What's at stake

Between 45 percent and 46 percent of all Bitcoin is now worth less than what its buyers paid — roughly 9 million coins. Anyone who bought in the last six months paid $68,700 on average, according to Glassnode, so they are down about 7 percent and tend to sell whenever the price climbs back toward their entry point. That dynamic has kept Bitcoin stuck between $58,000 and $68,000 since June.

Perpetual futures trading has fallen to a three-year low, and the Fear and Greed Index reads 29, indicating market fear. The weekly RSI has been rising even as the price fell, a pattern that has preceded previous recoveries.

The Senate votes on the CLARITY Act on Sept. 15, and the Federal Reserve meets the day after. A hawkish statement would confirm tighter policy is coming and could keep buyers away through the fourth quarter. Some analysts expect Bitcoin to break below $60,000 and reach $55,000 before the cycle low forms; others argue the bottom is already in, pointing to how little the Coldcard hack and the CLARITY Act delay moved the price.

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