Bitcoin Whales Accumulate $1.2 Billion Amid ETF Recovery

Large-scale investors, known as whales, holding between 10 and 10,000 BTC accumulated more than 20,000 BTC since July 29. This accumulation, valued at $1.2 billion, occurred while the asset traded in a narrow range below $65,000.

This trend coincided with a recovery in institutional demand for U.S. spot bitcoin ETFs, which recorded $754.69 million in inflows this week, the strongest performance since April. Despite these inflows, the spot price has not rallied. Analysts indicate a decisive close above $65,000 is necessary for a sustained recovery.

Market sentiment remains weighed down by a $120 million loss resulting from a Coldcard hardware wallet hack and uncertainty regarding the United States Senate. The legislative body is viewed as unlikely to vote on the CLARITY Act this month, a move seen as a critical catalyst for further institutional investment.