Bitcoin Price Stuck Below $65K as Whale Wallets Accumulate Coins

The Bitcoin price has been stuck below the $65k supply zone for weeks, but despite this, whale wallets have added 54,000 BTC to their holdings since June 14. According to CryptoQuant's onchain data, these whales, which hold 100 or more BTC, have been accumulating coins while shark and retail wallets sell theirs.

However, the price action doesn't reflect this accumulation. In fact, the average production cost of mining Bitcoin is still at $76.5k, a 17% drawdown from its current price level.

Crypto analyst Axel Adler Jr. used onchain data to demonstrate that there's continued stress among holders. The share of Unspent Transaction Outputs (UTXOs) in profit is at 53.7%, down significantly from the yearly average of 74.6%. Although this metric has slowed its decline, it's still a cause for concern.

A positive sign, however, is the increased activity on the network. The 30-day moving average of total Bitcoin transferred across the network has seen a 23% boost since its April low, with a current figure of 769.1k BTC per day. While it's unclear whether this movement is accumulation or distribution, sustained recovery in transfer volume could signal an uptick in activity.