Bitcoin Price Rally Towards $70,000 Predicted by On-Chain Data
Bitcoin's price has been stuck in a narrow range between $58,076 and $66,896 since July 2026, but on-chain data suggests it may be about to break out. According to Finbold's analysis of data from Santiment, Bitcoin holders with balances of less than 0.01 BTC have seen their holdings decline by 0.59% since July 29.
On the other hand, BTC whales, wallets with a balance of between 10 and 10,000 BTC, saw their holdings increase by 0.34% during the same period. This pattern of key stakeholders accumulating and small holders dumping makes it more likely that Bitcoin's price will rally towards $70,000.
The rising demand for Bitcoin from whale investors is also evident in the United States spot exchange-traded funds (ETFs), which have recorded a net cash inflow of approximately $754.69 million in August, increasing their total net assets to $78.77 billion.