Bitcoin Price Drop Meets Whale Accumulation as Investors Move Coins into Self-Custody

The Bitcoin price has dropped by 3% in 24 hours and briefly touched $63,000. Despite this decline, data from Santiment shows that large holders are continuing to accumulate coins during the pullback.

Santiment reported that wallets holding between 10 and 10,000 BTC added 19,696 BTC over eight days. This buying activity is a positive sign for the market as it suggests that larger investors remain active even during a price drop.

The shift in demand from smaller wallets to larger ones also suggests that retail demand has slowed down while institutional investors continue to show interest in Bitcoin. The decline in exchange balances over the past six months, which dropped by about 78,000 BTC, further supports this trend as investors move their coins into self-custody.

The inflows of $222 million into Bitcoin ETFs during July also indicate that some investors still see value at current levels. However, a sustained increase in the seven-day netflow average could signal new selling and raise the risk of a move toward $58,000.