The Hidden Movement Behind the Bitcoin Rally Detected: 60,000 BTC Accumulated! Here Are the Details

Bitcoin, the leading cryptocurrency, has experienced a significant surge in recent days, climbing from $62,000 to over $81,000.

Whales were the biggest buyers during this rise, and there was a clear divergence between the actions of large and small investors.

According to on-chain data shared by CryptoQuant writer Woo Minkyu (using a pseudonym), large wallets holding more than 100 $BTC acquired an additional 60,000 $BTC in August. Conversely, smaller-scale whales took advantage of the surge and engaged in profit-taking.

According to the analyst, 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.

Whale Purchases Accelerated After the Big Rise!

The analyst noted that the momentum in whale buying intensified after Bitcoin broke above the $62,000-$65,000 trading range on August 19th.

Bitcoin rose to the $81,000 level after the breakout before subsequently pulling back from that region. According to the analyst, the structure of the price movement points not to a highly leveraged rise, but rather to a process where Bitcoin is being transferred from the wallets of smaller investors to those of larger investors.

This indicates that the rise is not solely driven by leveraged positions in futures contracts, but also reflects a significant shift in the ownership structure of the spot market.

All Eyes on the Fate of 60,000 $BTC!

The analyst also noted that whether these whales will release the approximately 60,000 $BTC they have recently accumulated back into the market is important for the future of $BTC.

According to the analyst, if large investors start selling these Bitcoins, the assessment that the August movement was a strong transfer from small investors to whales may weaken.

However, the analyst stated that as of August 30th, there was no clear indication that whales had put the aforementioned 60,000 $BTC up for sale.

*This is not investment advice.