Bitcoin whales added 60,000 BTC in August as retail sold

Bitcoin's largest wallets absorbed roughly 60,000 BTC in August, worth about $4.7 billion, while smaller holders sold into the rally, Cryptoquant data shows.

The accumulation, tracked by Cryptoquant analyst Woo Minkyu, intensified after bitcoin broke above the $62,000-to-$65,000 range on Aug. 19, with large holders adding into confirmed momentum rather than attempting to call the bottom. Wallets holding 1 to 100 BTC reduced holdings by about 33,000 BTC over the same stretch, while wallets under 1 BTC sold roughly 14,000 BTC, putting combined smaller-holder selling at about 47,000 BTC — nearly matching the 60,000 BTC whales absorbed.

Bitcoin rose about 31 percent from $62,229 on Aug. 1 to as high as $81,500 before settling near $77,570, its strongest monthly gain in nearly a decade. The clean transfer of coins from smaller to larger holders during a rally typically reflects conviction concentrated at the top of the wallet distribution, though the pattern cuts both ways: heavy whale accumulation can also precede large holders distributing into strength once smaller buyers pile back in.

Hot Money Rotation

Michael Nadeau, founder of The DeFi Report, said bitcoin holders with a $56,000-to-$66,000 cost basis became the largest ownership cohort on Aug. 18 — a development he had expected around a potential cycle low. Since then, nearly 2 percent of bitcoin's supply has moved out of that group into higher cost-basis cohorts. "Some 'hot money' bought near bitcoin's lows before passing those coins to investors chasing the latest rally," Nadeau said.

That setup differs from bitcoin's 2022 bottom, when holders around the previous cycle's $17,000-to-$21,000 peak continued accumulating for about 60 days after becoming the largest cost-basis cohort. The current pattern shows faster rotation out of the low-cost-basis group, which Nadeau reads as a caution flag even as whale wallets accumulate.

On-chain metrics for the smallest holders reinforce the picture. Wallets holding 0.1 to 1 BTC posted an Accumulation Trend Score of -0.982, indicating aggressive distribution from that cohort, according to Coinpedia's analysis of Cryptoquant data. The broader accumulation heatmap shows larger wallet groups with comparatively stronger accumulation during the advance.

The key level to watch is $73,880, where the -0.5 MVRV pricing band sits. A sustained hold above that support would keep the bull structure intact and give bulls room to retest the $81,000-to-$84,000 resistance zone. A decisive breakout above $84,000 could open the path toward $100,000, while a loss of $73,880 would materially weaken the bullish setup.

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