Bitcoin is still trading below $65,000, but the latest on-chain data shows large investors are quietly adding more BTC. At the same time, U.S. spot Bitcoin ETFs have attracted more than $750 million this week, even after the Senate delayed the CLARITY Act vote until September. While the price has remained range-bound, buying activity behind the scenes has picked up.
According to Santiment, wallets holding between 10 BTC and 10,000 BTC have accumulated more than 20,000 BTC, worth nearly $1.2 billion, since July 29. Most of the buying happened while Bitcoin stayed below $65,000.
On the other hand, smaller investors have continued selling. Santiment linked the weaker retail participation to:
The analytics firm noted that whale buying while retail investors sell has often supported higher prices in previous market cycles. If demand increases BTC can make a move towards $70,000.
Institutional demand is also picking up again. According to SoSoValue, U.S. spot Bitcoin ETFs have attracted $754.69 million this week, putting them on track for their strongest weekly inflows since April.
Nexo analyst Liya Kalchev said ETF inflows have already crossed $500 million in August, with more than $240 million coming in on Wednesday alone. That marks a sharp turnaround after June, when Bitcoin ETFs recorded their weakest month on record.
However, Bitcoin hasn’t reacted much to these inflows. Kalchev said that shows institutions are buying carefully rather than chasing prices. According to her, Bitcoin still needs a convincing close above $65,000 before a stronger recovery can begin.
Another event that grabbed attention was the movement of a Bitcoin wallet that had been inactive since 2011.
The wallet:
The coins have not been moved again, so there is no evidence they have been sold. The transfer could simply be a wallet upgrade or a custody change.
The timing also comes after the Coldcard hardware wallet exploit, which has already been linked to roughly $114 million in stolen Bitcoin. While there is no connection between the dormant wallet and the exploit, the incident has encouraged many long-term holders to review older storage setups.
Bitcoin has started August with whales accumulating and ETF inflows returning, even as regulatory uncertainty continues after the CLARITY Act delay. The market is now watching one level closely.
If Bitcoin can reclaim and hold above $65,000, attention could quickly shift toward $68,000-$70,000. Until then, ETF flows, whale activity, and on-chain data will remain the biggest indicators to watch throughout the month.
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