“Even as prices rise, this group of large holders continues to build their positions,” concluded analysts at Santiment, evaluating the dynamics of wallets with balances between 100 and 1,000 BTC. Moreover, they note that since July 15, whales have bought an additional 113,950 BTC worth approximately $9.6 billion, supporting a 44% rally in the primary cryptocurrency.

As experts noted – “Over two days, capital inflows into spot Bitcoin ETFs totaled $1.7 billion, providing a clearer signal of institutional demand than on-chain data.” But they also clarified that wallet metrics can mix trades by large investors with transfers between exchanges and custodians, so Bitcoin needs to consolidate above $87,400 to sustain its growth.