Large Bitcoin holders, known as whales, have accumulated 19,610 BTC since July 29, according to on-chain data from Santiment. The buying spree occurred as retail investors offloaded coins amid fears sparked by the so-called Coldcard incident, which has not been fully detailed but triggered market jitters.
Santiment's metrics show that wallets holding between 10 and 10,000 BTC increased their total supply by 19,610 coins, while smaller wallets with less than 0.01 BTC saw a 0.55% decline. This divergence mirrors a classic pattern where experienced investors buy during panic selling.
The Adaptive Sell-side Risk Ratio, a metric tracked by CryptoQuant, plummeted to 0.031 — placing it in the third percentile of the current halving cycle. Analyst Axel Adler Jr. noted that such low readings indicate minimal profit-taking and a reluctance to sell, historically coinciding with accumulation zones. However, a final market bottom remains unconfirmed, as BTC continues to face resistance around the $64,000 level.
Bitcoin was trading near $63,600 on August 3 after rebounding from a dip to $62,227. Glassnode described the broader market structure as consolidation, with weak spot demand and defensive options positioning. Despite whale accumulation, those factors suggest upside may be limited in the short term until broader buying conviction returns.
