Bitcoin Whales Scoop Up Over $127M in BTC as Retail Sells, Can Price Break Above $67,000?

Bitcoin's price has been stuck in a narrow range around $65,000, but on-chain data suggests that large investors are quietly accumulating despite cautious retail sentiment.

A recent surge in whale transactions worth over $127 million indicates growing confidence among institutional players. According to Lookonchain, four newly created wallets received 1,540 BTC, valued at approximately $99.4 million, from Galaxy Digital and BitGo. Another wallet withdrew 434.87 BTC, worth nearly $28 million, from Binance.

This accumulation is supported by Santiment data showing that wallets holding between 10 and 10,000 BTC have increased their holdings by 0.34% since July 29. In contrast, wallets holding less than 0.01 BTC have reduced their Bitcoin holdings by 0.59% over the same period.

As Bitcoin approaches a major resistance zone around $66,500, investors are watching whether sustained whale buying can provide the momentum needed to fuel a breakout toward $71,000.