Whales Keep Buying Amid Flat Market as Mid-Tier Sellers Abandon Ship

Whales, Bitcoin holders with large balances between 1,000 and 10,000 BTC, have been buying up the cryptocurrency in significant amounts over the past two months. According to data from CryptoQuant, these whales added a total of 66,700 BTC to their holdings, worth around $4.3 billion at current prices.

This accumulation wave is the second-largest recorded by CryptoQuant this year, following a similar event in mid-June where whales netted around 68,000 BTC. The fact that two such large accumulation events have occurred within a short period of each other suggests sustained buying rather than a one-off move by a few large wallets.

Contrary to the whale's buying spree, mid-tier holders with balances between 100 and 1,000 BTC sold off approximately 77,800 BTC during the same 60-day window. The price of Bitcoin remained relatively flat throughout this period, trading between $64,500 and $64,700.

For smaller holders, this data is more a read on sentiment among large wallets rather than a signal to act on immediately. It shows that despite the market conditions, whales continued to accumulate BTC, which could potentially influence the price trend in the future.