More than 38,000 Bitcoin moved into accumulation addresses near a $70,000 cost basis, but whether that precedes a rally or a breakeven exit remains unclear.
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Bitcoin whales buy 38,000 BTC near $70K cost basis
Bitcoin whales moved 38,000 BTC into accumulation addresses near a $70,000 average cost basis, with the token at $63,935 as of Aug. 6.
CryptoQuant contributor abramchart said the inflow may reflect long-term buying, but it could also represent an attempt to lower the average purchase price before selling closer to breakeven.
The inflow occurred in late July and early August, showing strong demand during a period of market weakness. Bitcoin's realized price — the market's average on-chain cost basis — sits at $52,900, well below the current spot price, according to CryptoQuant. Ethereum wallets holding 10,000 to 100,000 ETH collectively held a record 19.6 million ETH, while wallets holding more than 100,000 ETH added roughly 1.8 million ETH since mid-2025.
The $70,000 level is now a critical decision zone. Continued accumulation near or above that level would support the long-term bullish interpretation, while renewed transfers toward trading platforms could suggest some buyers are preparing to take advantage of a recovery. 10x Research said Bitcoin could confirm a bear-market bottom with a monthly close above $63,000.
Two Scenarios Around $70,000
The first scenario is bullish. Large holders may view the current decline as an opportunity to accumulate before Bitcoin makes another attempt to recover above $70,000.
The second scenario is more cautious. Some buyers may be reducing their average cost and could begin selling once the price returns to their breakeven level.
That makes $70,000 an important decision zone. Continued accumulation near or above that level would support the long-term bullish interpretation and suggest that holders expect further gains. A slowdown in inflows or rising transfers out of these wallets could instead indicate that investors are preparing to reduce exposure.
The reaction around $70,000 may therefore be more important than the size of the current inflow itself. Holding above that level without a surge in distribution would improve the outlook, while repeated rejection could reinforce the breakeven-selling scenario.
Whale Accumulation Extends Beyond Bitcoin
CryptoQuant's analysis covers other assets. In XRP markets, average spot order sizes remained in the "big whale" category as the token traded between $1 and $1.20. However, neutral 90-day taker cumulative volume delta suggested passive absorption rather than aggressive buying, the report said.
Ether traded at $1,858, below its realized price of about $2,450. XRP traded at roughly $1.10 compared with a realized price of about $0.75.
"Rising whale balances into price weakness is the clearest smart-money tell," CryptoQuant said, adding that the accumulation pattern has historically preceded market bottoms while cautioning that the market remains exposed to further downside.
K33 said in a July 7 report that Bitcoin has historically reached cycle lows within weeks after more than half of its circulating supply was held at a loss.
For now, the 38,000 BTC inflow shows meaningful demand, but the next move by these wallets will provide a clearer signal about Bitcoin's broader direction. If accumulation continues as the price approaches $70,000, the bullish case strengthens. If distribution follows, the breakeven-selling scenario gains weight.
This article is for informational purposes only and does not constitute investment advice.
