In a noteworthy divergence, large holders of Bitcoin, aka whales, reportedly added more than $4.3 billion worth of BTC to their coffers in the last 60 days while relatively smaller owners sold off more than $5 billion equivalent. The statistics were recently shared by popular crypto analytics website CryptoQuant.
The smaller “fish” are defined as wallets holding anywhere between 100-1000 BTC while whales are defined as addresses holding more than 10k BTC. Much of the smaller players’ June and July has ben spent selling BTC.
CryptoQuant tweeted:
Upon a closer examination of the graph, it appears that the smaller players are looking to offload the bitcoin at these prices after engaging in a major buying spree during the first and second quarters.
It is yet unclear why they are doing this as the cryptocurrency is struggling well below $70k and there cannot be much profit to be made here. A simple explanation would be that these players bought crypto anticipating a quick return to the bull market but that hasn’t happened and the premier cryptocurrency continues to be lackustre.
 
Another major demographic, the dolphins (1k-10k BTC) have also engaged in aggressive BTC buying over the last couple of months or so, even more aggressively than whales themselves. It is interesting to note the similarity between dolphins and whales and their divergence with the fish. It could be a signal that the long-term bottom is in.
The Future
The recent buying activity by these big players is unfolding as institutional interest is recovering via U.S. spot Bitcoin ETFs. July has already witnessed multi-day inflow streaks by the top ETFs including IBIT of BlackRock. Roughly $227 million was added by these exchange funds on July 20 and a five-day tally exceeded $700 million.
However, one of the most important demographics is still missing here: retail. While institutional interest witnesses highs and lows, the retail buyer needs to step up or else the cryptocurrency is likely to continue to stall in the near future.
Bitcoin’s has recently stabilized above the key $60k support level, trading in the $63,000–$66,000 range after testing lower supports near $58,000–$60,000 earlier in the summer. The largest cryptocurrency by market capitalization has had a poor run of form in the last 3 quarters, forcing short-term speculators to look for other options in the face of a booming stock and equities markets.
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