- Since July 29, wallets with 10 to 10,000 BTC have purchased nearly 20,000 BTC, or almost $1.2 billion at current pricing.
- This week, U.S. spot Bitcoin ETFs received $754.69 million, including four consecutive days of inflows from August 3 to August 6.
- While large wallets continue to make purchases, smaller investors have been forced to cash out due to the Coldcard hardware wallet hack and the blocked CLARITY Act.
Bitcoin big money holders are buying the drop. Large accounts have picked up one point two billion dollars in Bitcoin since July and United States spot Bitcoin exchange traded funds have added more than seven hundred fifty million dollars in new money this week.
Bitcoin trades near $64,350 at the time of writing. The price has stayed the same for days. Two important signals show that big money is coming back in: Bitcoin big money holders and ETF flows.
Whales Snap Up 20,000 BTC As Retail Investors Head For The Exit
Santiment claims that since July 29, large Bitcoin holders have surreptitiously amassed over 20,000 BTC. That is currently valued at over $1.2 billion.
Smaller dealers made the opposite move as those wealthy investors increased their holdings. Due to price fluctuations and uncertainty, many retail holders of Bitcoin have cashed out, making it difficult for the cryptocurrency to break beyond $65,000.
Santiment interprets that divide as encouraging. The market has frequently tilted toward a greater comeback when larger wallets continue to buy and smaller investors sell out of fear. The analytics company thinks Bitcoin has a higher likelihood of rising beyond $70,000 than falling below $60,000 based on that trend.
About $120 million worth of Bitcoin was allegedly stolen as a result of a security compromise involving the Coldcard hardware wallet ecosystem. Meanwhile, the U.S. Senate continues to stall the CLARITY Act, postponing legislation that many think might promote increased institutional involvement in the cryptocurrency market.
Spot Bitcoin ETFs See Their Best Week Since April
U.S.-listed spot Bitcoin ETFs took in $754.69 million in new investor money this week, according to data from SoSoValue. This puts the funds on track for their strongest week since April.
Liya Kalchev, an analyst at Nexo, pointed to this shift in institutional demand. She said Spot Bitcoin ETFs have brought in more than half a billion dollars so far in August. Flows built up through the week, and Wednesday alone added over $240 million. This marks a sharp turnaround from June, when these same funds recorded their worst month ever.
After a rough stretch in late July, when outflows hit as much as $265 million in a single day, ETFs have posted four straight days of inflows from August 3 to August 6. That four-day run alone brings in $763.6 million.
BlackRock’s IBIT leads the pack by far. Since launch, IBIT has pulled in a total of $61.09 billion, more than any other fund on the list. Fidelity’s FBTC follows with $10 billion in total inflows. Grayscale’s older GBTC fund remains the outlier, with $27.46 billion in total outflows since it converted to an ETF, as investors continue to move money into lower-fee options.
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