Bitcoin Whales Scoop Up $1.2B as ETF Demand Signals Fresh Market Confidence

Bitcoin whales have accumulated roughly $1.2 billion worth of BTC, while spot Bitcoin ETFs recorded about $754 million in inflows this week, signaling renewed demand from large investors.

Bitcoin’s on-chain activity and ETF flows suggest that major market participants are stepping back into accumulation mode, potentially providing support as investors react to delays surrounding the CLARITY Act.

According to blockchain analytics firm Santiment, whales and sharks — wallets holding between 10 BTC and 10,000 BTC — have added more than 20,000 BTC since July 29. At current prices, those holdings are worth around $1.2 billion. The buying activity has taken place within a tight price range below $65,000, where Bitcoin has recently traded with limited momentum.

Santiment said on X that the continued accumulation by major holders, combined with selling pressure from smaller investors, increases the likelihood of Bitcoin moving above $70,000 compared with a decline below $60,000.

The analytics firm linked the contrasting behavior between large and small holders to uncertainty created by the Coldcard hardware wallet exploit, which began on July 30 and has resulted in approximately $120 million worth of Bitcoin being stolen. Santiment also noted that stalled progress on the CLARITY Act and Bitcoin’s lack of strong price movement have contributed to weaker confidence among smaller investors.

ETF activity also points to a gradual recovery in institutional interest.

Data from SoSoValue shows that U.S.-listed spot Bitcoin ETFs attracted $754.69 million in investor inflows this week, putting them on track for their strongest weekly performance since April.

Nexo analyst Liya Kalchev said institutional demand has been the most notable shift in recent market activity. She highlighted that spot Bitcoin ETFs have received more than $500 million in inflows during August, with momentum building throughout the week and Wednesday alone accounting for more than $240 million.

Kalchev noted that the recent inflow trend marks a major turnaround from June, when spot Bitcoin ETFs suffered their weakest monthly performance on record.

Despite the renewed accumulation from whales and ETF investors, Bitcoin’s price has yet to deliver a significant breakout. According to Kalchev, this could reveal the type of buyers currently entering the market.

She explained that the lack of a major price response despite strong inflows suggests some investors may be taking short-term positions rather than making long-term commitments. A sustained recovery, she said, may require Bitcoin to decisively close above the $65,000 level.

Bitcoin’s technical setup continues to suggest potential upside, with chart patterns pointing toward a possible rally. However, uncertainty surrounding the Senate’s delayed vote on the CLARITY Act remains a challenge for the market.

The legislation is viewed by many investors as a potential catalyst for increased institutional participation in crypto markets, meaning further delays could temporarily limit bullish momentum.