Bitcoin whales accumulated 113,950 BTC since mid-July as price rallies toward $88,000–$90,000 resistance, driven by spot ETF inflows and short-squeeze dynamics.
Macro & Markets ·
Large holders of Bitcoin have accumulated 113,950 units since mid-July, with whale wallets holding between 100 and 1,000 BTC increasing their total holdings by 2.22% to approximately 5.24 million, according to Santiment data cited by CryptoPotato. The accumulation has occurred as the asset briefly reached $87,000 this week before stabilizing near $84,000, with Bitcoin now trading above its 365-day moving average around $80,500—a level last crossed in March 2023.
The rally reflects multiple forces beyond retail demand. US spot Bitcoin ETF inflows attracted nearly $1 billion on Monday, with smaller inflows continuing in subsequent trading sessions, indicating that new capital is flowing through traditional financial channels rather than direct crypto purchases. A short squeeze has also contributed to recent price movements, though analysts debate whether this signals broad return of risk appetite or hedging behavior amid elevated yields and geopolitical uncertainty.
The immediate test lies between $88,000 and $90,000, where substantial Bitcoin supply is concentrated. The sustainability of the current move remains contingent on whether ETF inflows persist and whether stablecoin supply begins expanding again—factors that will determine whether the rally has a durable foundation or is vulnerable to position normalization.