Between May and July 19, Bitcoin wallets holding 1,000 to 10,000 BTC, known as whales, have purchased approximately 66,700 BTC, equivalent to about $4.3 billion, while mid-sized holders with 100 to 1,000 BTC have sold nearly 77,800 BTC during the same period.
Market Activity and Price Stability
This recent whale accumulation marks one of the largest buying waves of 2026, closely following a mid-June surge of 68,000 BTC by the same group. The consistent pattern suggests deliberate accumulation rather than isolated events.
Throughout these transactions, Bitcoin’s price remained largely stable, fluctuating between $64,500 and $64,700 in mid-July. Whales appear to be acquiring into a flat market rather than responding to upward price momentum.
Supporting this trend, exchange reserves have continued to decline as more Bitcoin moves off centralized platforms into private custody, decreasing available selling supply. also US spot Bitcoin ETFs have shifted back to net inflows after earlier mixed activity, signaling renewed institutional interest.
The mid-tier holders selling may include miners, early investors, or funds undergoing portfolio rebalancing, providing liquidity that whales are absorbing.
The timing of any price impact from this supply shift remains uncertain. Market conditions or regulatory changes could override on-chain accumulation signals and affect future price dynamics.
