Bitcoin Whales Lead Charge Near $65K
Bitcoin's price has been hovering near $64,903 as it searches for a breakout. Despite some hesitation near $62,000 a few days ago, the cryptocurrency trended higher and remains within a broader descending channel.
A closer look at CryptoQuant's data shows that large whale orders are concentrated between $63,000 and $64,000, making these prices key zones for support.
Recently, a newly created wallet received 1,346 BTC worth $87.28 million, with 614.95 BTC coming from Galaxy Digital. This activity emerged as Bitcoin's upside momentum strengthened, indicating growing recovery conviction among large holders.
Meanwhile, the Exchange Whale Ratio declined from 0.4 to 0.36, suggesting that whales accounted for a smaller share of exchange inflows. The Bitcoin Whale Buying Activity indicator recorded net buying for five consecutive days, with the Buy Volume rising to 831 BTC on August 8 and averaging 3,308 BTC.