Bitcoin Whales Pile Up Assets as Smaller Investors Flee

The past week has seen Bitcoin whales accumulating more assets, even as smaller investors are showing signs of leaving the market. According to data, 'balinalar' (whales) have added 19,696 BTC ($63,463.00 per coin) in just eight days.

Meanwhile, three consecutive days of net outflows from spot Bitcoin ETFs were recorded. The decline in cryptocurrency prices was exacerbated by a 10% drop in the Kospi index on July 28th.

The upcoming Fed decision and US data release tomorrow will likely shape the course of the market for the rest of the week.