Bitcoin whales accumulate $2.9B in BTC over 60 days as retail investors head for the exits

The biggest Bitcoin wallets on the planet have been on a quiet shopping spree. Over the past 60 days, wallets holding more than 10,000 BTC accumulated a net 46,420 BTC, worth roughly $2.9B at current prices. It’s the most aggressive buying from this cohort since mid-March, when they scooped up 23,238 BTC in a comparable window. Meanwhile, retail investors did the exact opposite. Wallets holding between 0.1 and 1 BTC distributed a net 9,700 BTC during the same period. Whales buy the fear The accumulation wave from June through early August unfolded against a backdrop that most traders would describe as uninspiring. Bitcoin spent much of that stretch grinding sideways, with broader market sentiment firmly planted in “fear” territory. For retail participants, the choppy price action was apparently enough to shake loose some conviction. Bitcoin has been recovering toward the $65K mark during this accumulation window. Geography is shifting too On-chain data reveals a negative Coinbase premium, meaning Bitcoin is trading at a slight discount on the US-focused exchange relative to global prices. That’s typically a sign that US-based buyers aren’t the ones driving demand. Instead, the buyi...