Whales Snap Up Over 19,600 Bitcoin Amid Coldcard Incident Fears

Large Bitcoin holders, known as whales, have been adding to their combined holdings since July 29. According to data from Santiment, these whales accumulated a total of 19,610 BTC during this period.

This accumulation occurred amid market turbulence triggered by the so-called Coldcard incident. The incident caused anxiety among smaller Bitcoin holders, leading to a sell-off in the market.

Santiment's on-chain metrics show that wallets holding between 10 BTC and 10,000 BTC have been steadily accumulating over the past week. In contrast, wallets with less than 0.01 BTC saw their holdings decline by 0.55% during the same period.

This divergence underscores a classic pattern in cryptocurrency markets: while retail investors often react emotionally to negative news, larger, more experienced investors tend to view such events as buying opportunities.