Whales Buy Up 60,000 BTC as Bitcoin Surges Past $81,000
Bitcoin's recent surge from $62,000 to over $81,000 has caught the attention of analysts, who point to a significant shift in ownership structure as the driving force behind the price increase. According to on-chain data provided by CryptoQuant writer Woo Minkyu, large wallets holding more than 100 BTC acquired an additional 60,000 BTC in August.
This acquisition is notable because it represents a divergence between the actions of large and small investors during this period. While smaller-scale whales took advantage of the surge to engage in profit-taking, larger investors continued to buy up Bitcoin, accumulating substantial amounts in their wallets.
The data shows that the total assets of wallets holding 100 BTC or more increased by approximately 60,000 BTC between August 1st and 30th. In contrast, wallets holding between 1 and 100 BTC saw a decrease of approximately 33,000 BTC, while those holding less than 1 BTC experienced a decrease of approximately 14,000 BTC.
The analyst notes that the momentum in whale buying intensified after Bitcoin broke above the $62,000-$65,000 trading range on August 19th. This suggests that the rise is not solely driven by leveraged positions in futures contracts, but rather reflects a significant shift in the ownership structure of the spot market.