Bitcoin whales add $1.2B in BTC as spot ETF inflows hit $754.69M

On-chain and ETF flow data suggest large Bitcoin holders are stepping back in, helping to offset market frustration over the CLARITY Act's stalled momentum. Santiment data show "whales and sharks"—wallets holding between 10 BTC and 10,000 BTC—have accumulated more than 20,000 BTC since July 29. At current prices, that stash is valued around $1.2 billion. The buying has been concentrated in a tight band below $65,000, where BTC has traded choppily in recent sessions. Santiment said on X that the combination of major holders accumulating while smaller investors sell makes a move to $70,000+ increasingly likely relative to a drop below $60,000. The firm attributed the divergence in behavior partly to uncertainty tied to a Coldcard hardware wallet hack that began July 30, with the attacker allegedly netting $120 million in bitcoin. It also pointed to the lack of progress on the CLARITY Act and the market's flat price action as factors fueling apathy among micro holders. Institutional demand also appears to be stabilizing. U.S.-listed spot bitcoin ETFs have drawn $754.69 million in net inflows so far this week, according to SoSoValue, putting the group on pace for its strongest week since April. "The clearest shift has come in institutional flows," said Liya Kalchev, an analyst at Nexo. She noted spot Bitcoin ETFs have taken in more than $500 million so far in August, with inflows building through the week and Wednesday alone adding over $240 million—a sharp turnaround from June, when the funds posted their worst month on record. Despite the on-chain accumulation and ETF buying, BTC's spot price has yet to mount a meaningful rally. Kalchev said that gap may signal the type of buyer currently active. "That the reversal has not yet lifted price meaningfully is itself informative: some desks argue the marginal buyer looks more tactical than convicted, and that a genuine recovery narrative likely needs a decisive close above $65,000 to take hold," she said. Technical patterns leave room for a sharper move higher, though the outlook faces a near-term obstacle: the U.S. Senate is not expected to vote on the CLARITY Act this month. The bill is widely viewed as a key catalyst that could unlock significant institutional demand for cryptocurrencies.