TLDR
- Bitcoin traded near $63,700-$64,215 as markets waited for the July U.S. inflation report.
- Dogecoin gained close to 3% and BNB rose more than 2%, leading major cryptocurrencies higher.
- Whale addresses holding over 10,000 BTC accumulated 46,420 BTC, the largest 60-day buildup since March 15.
- Long-term holder supply kept falling as smaller holders sold, even though $37,400 BTC moved into long-term hands.
- U.S. spot Bitcoin ETFs saw a small $7.8 million inflow Tuesday after a $144.6 million outflow Monday.
Bitcoin traded near $64,000 on Wednesday, Aug. 12, as investors waited for the July U.S. inflation report. The price sat close to $63,700 to $64,215 depending on the exchange and time checked.
BTC was down about 0.6% to 1.13% over the prior 24 hours. It has fallen nearly 47% over the past 12 months, even though spot Bitcoin ETFs have pulled in $52 billion since launching in January 2024.
Other coins moved more than Bitcoin. Dogecoin gained close to 3% to trade just above $0.07, while BNB rose about 2% to near $614.
Ether added 1% to reach $1,888. XRP rose half a percent to $1.02, and Solana stayed almost flat near $76.
Hyperliquid fell about 1% to $54.7. Cardano dropped roughly 1.8%, making both coins weaker than the rest of the market that day.
Whales Buy While Small Holders Sell
Data from CryptoQuant showed a clear split between large and small Bitcoin holders. On Aug. 9, addresses holding more than 10,000 BTC added 46,420 coins.
That is nearly double the mid-March peak of 23,238 coins. It marks the largest 60-day accumulation by whales since March 15.
Smaller holders acted differently. Addresses with 0.1 to 1 BTC sold about 9,700 coins, reversing the 11,600 BTC they had bought back on July 5.
Long-term holder supply also kept dropping. CryptoQuant data showed $37,400 worth of Bitcoin moving into long-term hands, but this was not enough to offset coins leaving that group through spending or selling.
Glassnode research said Bitcoin has stabilized near $65,000, suggesting selling pressure has eased. The firm noted the recovery still looks hesitant.
Trading Activity Stays Light
Spot volume fell from $4.0 billion to $3.4 billion during the period Glassnode reviewed. Lower trading activity points to a quieter, more cautious market rather than broad buying or selling.
U.S. spot Bitcoin ETFs recorded $7.8 million in net inflows on Tuesday, according to Farside data. BlackRock’s IBIT brought in $50.2 million, but withdrawals from other funds offset most of that gain.
Monday had seen a $144.6 million net outflow from the same ETFs. Ether ETFs were also weaker, losing $14.6 million Monday and another $1.7 million Tuesday.
Market maker Wintermute said the return of ETF buying was encouraging. The firm added it would need to see inflows continue for longer before feeling more confident.
The next data point arrives Wednesday at 8:30 a.m. ET, when the Bureau of Labor Statistics releases July CPI. Economists surveyed by Reuters expect prices to rise 0.1% from June, with annual inflation easing to 3.4%.
Brent crude rose for a sixth straight session, trading near $89.60 to $89.70 a barrel. July producer price data follows on Thursday, Aug. 13, at 8:30 a.m. ET.
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