Whales Load Up on Bitcoin Ahead of Inflation Report
Bitcoin prices remained steady near $64,000 on Wednesday as investors awaited the July U.S. inflation report. The price range for BTC was between $63,700 and $64,215 on various exchanges.
Dogecoin and BNB led other major cryptocurrencies higher, gaining around 3% and 2%, respectively. However, Cardano and Hyperliquid fell about 1.8% and 1%, making them weaker than the rest of the market.
Data from CryptoQuant showed a significant split between large and small Bitcoin holders. Whales holding over 10,000 BTC accumulated 46,420 coins in the past 60 days, marking the largest buildup since March 15. In contrast, smaller holders sold about 9,700 coins, reversing their previous purchases.
Long-term holder supply continued to fall as smaller holders sold, despite $37,400 worth of Bitcoin moving into long-term hands. Glassnode research noted that Bitcoin has stabilized near $65,000, suggesting selling pressure has eased, but the recovery still appears hesitant.