Crypto
Bitcoin Whales Accumulated 60k BTC During August Rally
Bitcoin's August price rally saw large holders, known as whales, accumulate approximately 60,000 BTC between Aug. 1 and Aug. 30.
This divergence in behavior between large and small holders was highlighted by on-chain data from CryptoQuant, with wallets holding at least 100 BTC adding to their positions while smaller investors reduced theirs.
The accumulation intensified after Bitcoin broke out of its $62,000-$65,000 trading range on Aug. 19, with the price climbing toward $80,000 before pulling back slightly.
CryptoQuant contributor Woo Minkyu noted that this movement could be a transfer of coins from smaller wallets to larger ones, rather than a leverage-driven chase rally.