Whales Reverse Course, Add 43,000 BTC as Price Nears $65,000

Large Bitcoin holders have ended their months-long selling spree by adding approximately 43,000 BTC worth $2.75 billion over the past 60 days, according to Cryptoquant.

This buying spree resumed once Bitcoin's price fell to around $60,000, reversing months of steady selling from these same large holders.

The accumulation trend is playing out against thinning overall market activity as August's spot trading volumes have dropped to their lowest monthly level since August 2021.

Notably, the accumulation trend is not limited to the largest holders, with balances among so-called dolphins, a classification for holders with meaningfully sized but sub-whale balances, also growing over the same period.