Bitcoin wallets holding at least 10,000 BTC have accumulated a net 54,000 coins since June 14, 2026, marking a six-month high according to latest on-chain data. This figure represents double the 23,238 BTC that whales added during the previous accumulation peak in March, signaling that conviction among the largest players is strengthening even as broader market sentiment remains stuck in fear. Over the past eight weeks alone, the count of these 'whale' wallets has risen by six, representing a 7.1% increase, with the latest data showing the number of such elite addresses has reached 90 for the first time in six months. Since July 29, wallets in the 10–10,000 BTC range have accumulated BTC worth $1.5 billion, with the trend building on earlier accumulation by mid-sized whales amid market uncertainty. According to Santiment, the group of 20,229 wallets holding at least 100 BTC grew by 2,038 wallets year over year, an 11.2% increase even as price slipped, demonstrating persistent large-holder accumulation through market weakness. CryptoQuant analysis suggests this whale accumulation may signal that the market is approaching a potential bottom, with large holders of Bitcoin, Ethereum, and XRP continuing to increase their positions despite recent market weakness.
Bitcoin's price action remained compressed below the $65,000 supply zone despite whale accumulation, with BTC briefly falling below $63,000 on Friday, August 14, touching a low of $62,535. The $62.5K area had previously set up a Bitcoin price rebound up to $65.5K earlier in August, but the latest rejection from this supply zone underlined weakness from the bulls. The BTC average production cost, or mining cost, stood at $76,500, with Bitcoin price trading 17% below this level despite miners remaining resilient. Weak selling pressure from miners highlighted this point, and Bitcoin miner stocks have outperformed the leading crypto so far in 2026. The RSI reached 48.45, while its average stood slightly higher at 49.97, placing BTC near neutral territory and matching the sideways structure rather than establishing strong directional control. A decisive $65,551 recovery would strengthen the route toward the major $70,000 resistance area, while renewed weakness beneath $62,398 would expose the recovery structure to another test.
On-chain activity metrics present a mixed picture of recovery, with some indicators improving while others remain weak. The share of UTXOs whose current market price is above the price at which they last moved, or are in profit, stands at 53.7% for the 30-day average, compared to the yearly average of 74.6%, demonstrating continued stress among holders. However, the pace of deterioration in this metric has slowed, evidenced by the slight bounce from 48% to 53.7% in recent days, according to Crypto analyst Axel Adler Jr.. The 30-day moving average of total Bitcoin transferred across the network saw a 23% boost from its April low, rising from 627.7K BTC to 769.1K BTC now, with the 30DMA also above the 365-day moving average. AMBCrypto notes that improvement in UTXOs in profit and increased coin movement would signal more robust onchain conditions, which could help signal a potential market recovery. However, the 30-day average of coins in profit remains well below the yearly average, indicating that sustained recovery in this metric would be a positive sign for broader market health.
Despite whale accumulation, long-term holders (LTHs) continue to distribute Bitcoin with their LTH Supply Inflow at 37.4K indicating some Bitcoin is moving into long-term hands. However, the amount of Bitcoin departing the LTH cohort cannot be compensated for by these inflows, as older coins leave the LTH classification when spent or sold, and the overall LTH Balance keeps declining if outflows outnumber inflows. This means some long-term investors may still be taking profits or releasing their holdings into the market, as indicated by the falling LTH Balance. While this does not necessarily imply that they have turned pessimistic, it does show that long-term holders continue to fuel selling pressure. Strong LTH supply inflows indicate that accumulation has persisted, but the rate of accumulation has not yet been rapid enough to outpace the distribution from current holders. In stark contrast to whale accumulation, retail holders—defined as wallets containing between 0.1 and 1 BTC—have become net distributors, offloading a net 9,700 BTC over the same two-month window, with this behavior historically volatile and swinging rapidly between buying and selling.
Institutional demand also strengthened last week with spot Bitcoin ETFs drawing about $853.54 million in the week ending August 7, marking their best week since April 17 according to SoSoValue. This institutional inflow demonstrates continued institutional confidence despite broader market uncertainty. However, recent data shows spot Bitcoin ETFs reversed to net outflows on Monday, an early sign that the inflow streak may be losing momentum. Glassnode reports that active addresses, transfer volume, and fee generation have drifted toward lower bounds, with profitability improving only modestly and realized losses still exceeding realized profits on-chain. The firm describes the market as a transitional recovery that has yet to broaden into a full expansion. Liquidity remains thin with monthly trading volume on Binance falling about 45% year-over-year in July, while *OKX dropped roughly 57%**, allowing modest flows to swing prices sharply. The recovery is still hesitant as spot volume decreased from $4.0B to $3.4B over the observed period, indicating there hasn't been widespread investor involvement in recent price changes.
