38K Bitcoin Whales Load Up at $70K Cost Basis

Bitcoin whales have recently accumulated nearly 38,000 BTC in accumulation addresses. This influx of funds could be a bullish sign for the market, but it may also indicate an attempt to lower the average purchase price before selling closer to breakeven.

The estimated average entry price for these accumulators is around $70,000, which is higher than Bitcoin's current trading price of $64,000. According to abramchart from CryptoQuant, this inflow may reflect long-term buying or an attempt to lower the average purchase price before selling closer to breakeven.

The transfer occurred in late July and early August, during a period of market weakness, which could be seen as strong demand for Bitcoin.

Accumulation addresses are often associated with long-term holders, institutional investors, and large over-the-counter transactions. Moving Bitcoin into these wallets may reduce the amount of supply immediately available on exchanges, potentially supporting the price.