Bitcoin Whales Accumulate $1.2 Billion in BTC as ETF Inflows Pick Up Pace

Large Bitcoin holders have been buying aggressively over the past week, with onchain and ETF data pointing to renewed institutional interest even as the CLARITY Act remains stalled in the Senate.

Whales Buy the Dip

Blockchain data from Santiment shows wallets holding between 10 and 10,000 BTC, often referred to as whales and sharks, have accumulated more than 20,000 BTC, worth roughly $1.2 billion, since July 29. This buying has happened while bitcoin trades choppily in a tight range below $65,000.

Santiment noted that this pattern of large holders buying while smaller holders sell off increases the odds of bitcoin eventually pushing above $70,000 rather than falling below $60,000. The firm linked small holder apathy to the ongoing Coldcard hardware wallet hack and lingering uncertainty around the CLARITY Act.

ETF Inflows Show Institutional Recovery

US spot bitcoin ETFs pulled in $754.69 million this week, putting them on pace for their best week since April, according to SoSoValue. Nexo analyst Liya Kalchev said institutional flows have clearly shifted, with ETFs bringing in over half a billion dollars so far in August, including more than $240 million on Wednesday alone, a sharp turnaround from June’s record-low month.