Bitcoin whales have increased their holdings by about $1.2 billion in BTC, while spot Bitcoin ETFs attracted $754 million in inflows this week, highlighting renewed buying activity from larger market participants.
Bitcoin’s on-chain metrics and ETF flows indicate growing demand from institutional and high-net-worth investors, helping offset concerns caused by delays surrounding the CLARITY Act.
Data from blockchain analytics platform Santiment shows that whales and sharks — wallets holding between 10 BTC and 10,000 BTC — have accumulated more than 20,000 BTC since July 29. The holdings are worth approximately $1.2 billion at current market prices. The accumulation occurred as Bitcoin traded in a narrow range below $65,000, with price movement remaining largely sideways.
Santiment said on X that the ongoing pattern of large holders accumulating while smaller investors sell increases the probability of Bitcoin reaching above $70,000 compared with the risk of falling below $60,000.
The firm attributed the difference in behavior between large and small investors partly to concerns following the Coldcard hardware wallet exploit, which began on July 30 and has reportedly resulted in around $120 million worth of Bitcoin being stolen. Santiment also pointed to uncertainty over the CLARITY Act and Bitcoin’s stagnant price performance as factors contributing to reduced confidence among smaller holders.
Meanwhile, Bitcoin ETF activity suggests institutional demand may be recovering.
According to SoSoValue data, U.S.-based spot Bitcoin ETFs recorded $754.69 million in net inflows this week, putting them on pace for their strongest weekly performance since April.
Liya Kalchev, an analyst at Nexo, said the biggest change in market behavior has been the return of institutional inflows. She noted that spot Bitcoin ETFs have attracted more than $500 million in August so far, with buying momentum increasing throughout the week and Wednesday alone contributing more than $240 million.
Kalchev said the recent ETF inflows represent a sharp reversal from June, when spot Bitcoin ETFs experienced their worst monthly performance since launch.
Despite strong accumulation from whales and renewed ETF demand, Bitcoin’s price has not yet produced a significant rally. Kalchev suggested that this could indicate the current buyers are more cautious and tactical rather than strongly committed long-term investors.
She explained that the market likely needs a decisive move above the $65,000 level to confirm a stronger recovery trend and attract more confident buying.
Bitcoin’s technical indicators continue to show potential for a larger upward move, but delays surrounding the CLARITY Act remain a challenge for market sentiment.
The legislation is widely viewed as a possible catalyst for increased institutional participation in digital assets, meaning continued uncertainty around its progress could slow Bitcoin’s momentum in the near term.
