Bitcoin Whales Lead Charge as $2.6 Billion Buying Spree Ignites Institutional Inflow

The largest Bitcoin wallets, known as whales, started buying in late July and amassed around $2.6 billion worth of BTC over nine days. A significant institutional inflow of $233 million followed shortly after.

The data shows that whale wallets holding between 1,000 to 10,000 BTC increased their share of supply from 21.11% on July 23 to 21.25% by the end of the month. The larger cohort of wallets holding between 10,000 to 100,000 BTC had been trimming since July 22 but turned back up to 11.25% into the close of the month.

This shift resulted in a combined gain of around 0.20%, which translates to approximately 40,100 BTC, worth $2.6 billion. Derivatives positioning also leaned in favor of long exposure, suggesting that large traders were more optimistic than retail investors.