Larger Holders Accumulating as Bitcoin Price Pulls Back

Bitcoin's price pulled back by 3% over the past 24 hours, briefly dipping below $63,000. Despite this setback, data suggests that larger holders of the crypto asset have been accumulating more units.

According to Santiment, wallets holding between 10 and 10,000 BTC have added a combined 19,696 units over the past eight days. In contrast, wallets holding less than 0.01 BTC have shown weaker dip-buying activity during this period.

This indicates that retail demand is cooling down, while stronger hands are accumulating more of the asset. The influx of $222 million into Bitcoin ETFs in July also points to a 'constructive' market setup.

Swissblock notes that BTC remains in its consolidation phase, which has lasted 30 days so far. Historically, such periods have tested investors' conviction and shaken out impatient participants before a recovery begins.