Bitcoin whales have added roughly $1.2 billion worth of BTC to their holdings, while spot Bitcoin ETFs attracted $754 million in capital this week, signaling renewed interest from major market participants.
On-chain activity and ETF inflow data suggest that large investors are returning to the market, providing some support despite frustration over the stalled progress of the CLARITY Act.
According to data from Santiment, wallets holding between 10 BTC and 10,000 BTC — commonly referred to as whales and sharks — have accumulated more than 20,000 BTC since July 29. At current prices, the newly acquired Bitcoin is valued at around $1.2 billion. The buying has taken place as Bitcoin traded within a narrow range below $65,000 amid choppy market conditions.
Santiment said the continued accumulation by large holders, combined with selling from smaller investors, has shifted the odds more in favor of Bitcoin pushing above $70,000 rather than dropping below the $60,000 mark.
The analytics firm said this divergence between large and small holders has been influenced by concerns surrounding the Coldcard hardware wallet exploit, which started on July 30 and has resulted in roughly $120 million worth of Bitcoin being stolen. It also pointed to uncertainty surrounding the CLARITY Act and Bitcoin’s lack of strong price movement as reasons behind weaker confidence among retail investors.
At the same time, Bitcoin ETF flows indicate a gradual return of institutional demand.
SoSoValue data shows that U.S. spot Bitcoin ETFs attracted $754.69 million in inflows this week, putting the funds on track for their strongest weekly performance since April.
Nexo analyst Liya Kalchev said the most notable market shift has been the improvement in institutional buying activity. She noted that spot Bitcoin ETFs have received more than $500 million in inflows so far in August, with momentum accelerating during the week and more than $240 million entering the funds on Wednesday alone.
Kalchev highlighted that the latest inflow trend marks a major turnaround from June, when Bitcoin ETFs recorded their weakest month since launching.
However, despite increased accumulation from whales and stronger ETF demand, Bitcoin’s price has yet to deliver a significant upward breakout. Kalchev said this disconnect provides insight into the type of buyers currently entering the market.
According to her, the lack of a major price reaction suggests that some investors may be making tactical moves rather than showing strong long-term conviction. She added that Bitcoin likely needs a firm close above $65,000 to establish a stronger recovery trend.
Technical indicators continue to point toward possible upside for Bitcoin, but delays surrounding the CLARITY Act remain a potential obstacle.
The bill is viewed by many market participants as a key step toward clearer crypto regulation and a possible trigger for greater institutional involvement. Continued uncertainty around its timeline could therefore weigh on sentiment in the short term.
