Crypto
Bitcoin's Price Rally Hides a Massive Whale Buying Spree
Cryptoquant's Woo Minkyu analyzed Bitcoin's price rally in August and found a surprising pattern of buying and selling among wallet sizes.
Between August 1 and 30, wallets holding 100 or more BTC added approximately 60,000 BTC to their balances, worth about $4.7 billion at prices near $78,000.
This buying was concentrated among the largest holders, while smaller wallets sold off nearly 47,000 BTC combined across two smaller cohorts.
The data suggests that large holders were adding into confirmed momentum after Bitcoin broke out of its $62,000-to-$65,000 trading range on August 19.