Bitcoin Price Weakness Masks Fresh Accumulation

Bitcoin recently experienced a decline in price after two consecutive daily closes below $63,000 at the start of August. Despite this weakness, on-chain data indicates that fresh accumulation is taking place around current price levels.

Roughly 155,000 BTC moved into the $62,000 to $65,000 cost-basis range during the pullback, representing about 0.7% of Bitcoin's circulating supply and the largest concentration of supply across the market.

This accumulation pattern is highlighted in a recent Bitfinex report, which shows that the supply cluster expanded while prices declined, suggesting buyers absorbed selling pressure rather than existing holders leaving the market in large numbers.