Bitcoin Whales Amass $2.9 Billion in BTC as Retail Investors Flee

The biggest Bitcoin wallets have been quietly accumulating BTC over the past 60 days. According to on-chain data, these whales have scooped up a net 46,420 BTC, worth around $2.9 billion at current prices.

This is the most aggressive buying from this cohort since mid-March, when they accumulated 23,238 BTC in a similar window.

Meanwhile, retail investors were doing the opposite, with wallets holding between 0.1 and 1 BTC distributing a net 9,700 BTC during the same period.

The accumulation wave from June through early August occurred against a backdrop of uninspiring price action, which some traders might describe as being in 'fear' territory.