Bitcoin Whales Gobble Up 68% of Supply—Snagging 218,570 BTC in Latest Power Move
Whales are circling—and they're hungry. Bitcoin's biggest players just tightened their grip on the market, swallowing a staggering 68% of circulating supply. Here's how the crypto elite are rewriting the rules.
The feeding frenzy
While retail investors panic-sold during last month's dip, deep-pocketed whales added 218,570 BTC to their troves. The move reeks of classic accumulation—because nothing says 'free market' like a handful of entities controlling two-thirds of the asset.
Supply shock incoming?
With this much BTC locked in diamond hands, exchanges might soon be scraping the bottom of their liquidity pools. Traders betting on volatility should remember: whales don't just move markets—they are the market.
Meanwhile, traditional finance bros are still trying to explain why their 'diversified portfolios' got wrecked by a 5% inflation print. Crypto's not the casino—your 60/40 stock-bond split is.
Building a Stronger Base
In a July 31 post on X, Santiment highlighted a strategic shift, with nearly 0.9% of Bitcoin’s supply moving into the hands of whales over the past four months, reinforcing long-term accumulation trends.
It matches a wider structural rotation in the asset’s ownership. As reported by CryptoPotato, institutional players are steadily replacing early adopters in what BTC financial services provider Swan calls “the largest holder rotation in Bitcoin’s history.”
This rotation was tested last week when a Satoshi-era whale dumped about 80,000 BTC, worth more than $9 billion, briefly pushing down prices from $119,000 to around $115,000. Still, the market soaked up the sale with minimal disruption, which Swan argued was a show of BTC’s “maturity” and resilience.
Many observers now believe this transition is the foundation for a more stable, capital-driven bull market, one they expect will be less affected by euphoric spikes and abrupt collapses.
Meanwhile, BTC’s current trading range between $115,000 and $119,500 is being viewed as healthy consolidation. According to a recent report from CryptoQuant, the market “overheating” seen lately has been markedly milder than past cycles, suggesting any near-term pullback could be shallow and short-lived.
Market Consolidating
The flagship cryptocurrency is currently trading at $118,700, barely moving in the last 24 hours after only managing a 0.4% rise. The story is pretty much the same across seven days, with the asset creeping to a 0.8% increase in that period. However, it is up by a more respectable 11% over 30 days, with a key resistance level emerging above $120,000.
A recent Glassnode report warned that a break below $115,000 could expose a thin liquidity gap down to $110,000. However, if the OG crypto pushes past $125,000, it could supply the juice for a run to $141,000.
For now, whales seem content to accumulate during this consolidation phase. Their steady buying, coupled with the ongoing transfer of BTC from older holders to institutional giants, points to a maturing market preparing for its next leg up.
