Bitcoin Whales Load Up on $1.2B as ETF Inflows Hit $750M

Whales and sharks in the Bitcoin market have accumulated over $1.2 billion worth of BTC since July 29, according to blockchain data from Santiment. This accumulation has occurred within a narrow price range below $65,000, where the market has been trading choppily lately.

Santiment notes that these large players are accumulating Bitcoin while smaller holders are dumping their coins. This trend increases the likelihood of a price rally above $70,000, but there is still uncertainty related to the CLARITY Act and its potential impact on the market.

The U.S.-listed spot bitcoin exchange-traded funds (ETFs) have also seen significant inflows this week, pulling in $754.69 million in investor funds. This marks one of their best weeks since April, according to data source SoSoValue.

Nexo analyst Liya Kalchev explains that the clear shift has come from institutional flows into spot Bitcoin ETFs. However, she notes that despite the accumulation and ETF inflows, the price of BTC has not yet seen a meaningful rally.