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Large holders with at least 100 BTC increased their Bitcoin holdings during August’s price rise, while wallets holding under 100 BTC sold, according to a CryptoQuant analysis by contributor Woo Minkyu.
Woo said wallets holding at least 100 BTC added about 60,000 BTC between Aug. 1 and Aug. 30, while wallets holding one to 100 BTC cut holdings by about 33,000 BTC and wallets holding under one BTC reduced holdings by about 14,000 BTC. Whale buying also accelerated after BTC broke out of its $62,000-$65,000 range on Aug. 19, Woo said. Although BTC later pulled back near $80,000, Woo said the rally looked closer to a shift of BTC from smaller wallets to larger ones than to leverage-driven chase buying.
Woo added this interpretation would remain valid only if whales do not start selling the roughly 60,000 BTC they recently accumulated, and said no such movement had appeared as of Aug. 30.