Cryptoquant: Bitcoin Price Rally Hid a 60,000 BTC Whale Buying Spree

On-chain data from Cryptoquant reveals that large Bitcoin holders, defined as wallets holding 100 BTC or more, accumulated roughly 60,000 BTC throughout August. Valued at approximately $4.7 billion near current price levels of $78,000, this buying spree occurred simultaneously as retail and mid-sized investors took profits into the monthly rally. According to analyst Woo Minkyu, mid-size wallets holding between 1 and 100 BTC offloaded approximately 33,000 BTC, while addresses with under 1 BTC sold nearly 14,000 BTC. This resulted in roughly 47,000 BTC being absorbed almost directly by whale entities. The data indicates that accumulation intensified significantly after Bitcoin broke out above the $62,000 to $65,000 range on August 19, demonstrating momentum-driven accumulation by large entities. This distinct transfer of supply from smaller retail holders to high-conviction whale wallets occurred as Bitcoin recorded one of its strongest August performances since 2017. While heavy whale accumulation can precede eventual distribution, the concentration of holdings in stronger hands provides solid fundamental support for ongoing market structure.