Bitcoin whales scoop 66,700 BTC as smaller holders sell into strength

Bitcoin traded near $65,000 on July 20 as CryptoQuant data showed wallets with 1,000 to 10,000 BTC accumulated 66,700 tokens over the past 60 days, the highest rate since February.

"Whale wallets are absorbing supply from smaller holders who are taking profits or reducing exposure," a CryptoQuant analyst said.

Wallets holding 100 to 1,000 BTC sold 77,800 tokens over the same period, marking one of the fastest sell-off rates in months. That cohort had accumulated more than 92,000 BTC in late April, making the reversal particularly sharp. The previous whale accumulation peak reached 68,000 BTC in mid-June.

The divergence suggests Bitcoin is changing hands rather than hitting exchange order books, potentially reducing selling pressure. If whales continue absorbing supply at this pace, BTC could build a base above $65,000. A failure to hold that level would put the next support near $60,000.

Whale Accumulation Hits Five-Month High

The 66,700 BTC accumulated by large holders over 60 days marks the strongest buying activity from whale wallets since February. The pace nearly matches the 68,000 BTC recorded in mid-June, which was the previous high for 2026. CryptoQuant's on-chain data tracks wallet cohorts by balance range, making the divergence between large and mid-sized holders one of the widest this year.

Mid-Sized Holders Reverse Course

The 77,800 BTC sold by wallets with 100 to 1,000 BTC represents a complete reversal from April, when the same cohort accumulated 92,000 BTC. The sell-off rate ranks among the fastest in recent months, according to CryptoQuant. The data suggests mid-sized traders are either taking profit near $65,000 or reducing risk amid persistent market volatility.

Bitcoin's 24-hour trading volume remained elevated as the divergence played out, with the asset testing the $65,000 level multiple times during the Asian session. Market participants are watching whether whale demand can absorb continued retail selling pressure in the coming weeks.

This article is for informational purposes only and does not constitute investment advice.