Bitcoin whales load up on $1.2 billion in BTC as ETFs attract $750 million

Recent blockchain data indicates a surge in Bitcoin accumulation by large investors, despite the ongoing stalled progress of the CLARITY Act. Bitcoin's price has hovered around $64,307.76, while ETFs have attracted $750 million in investor funds, suggesting renewed buying pressure. Santiment data reveals that wallets holding 10 to 10,000 BTC, referred to as whales and sharks, have amassed over 20,000 BTC worth $1.2 billion since July 29.

This accumulation occurred within a narrow price range below $65,000. The accumulation of Bitcoin by whales and sharks, coupled with small holders' selling, increases the likelihood of Bitcoin reaching $70,000, according to Santiment. The uncertainty surrounding the stalled CLARITY Act and stagnant price action also contribute to small holders' disinterest.

Meanwhile, U.S.-listed spot Bitcoin ETFs have drawn $754.69 million in investor funds this week, setting the stage for their best week since April. Analyst Liya Kalchev from Nexo highlighted the shift in institutional demand, noting that Spot Bitcoin ETFs have taken in over half a billion dollars in August, with inflows building through the week.

Despite these accumulation trends, Bitcoin's price has not yet experienced a significant rally, suggesting that the incoming buyers might be more tactical rather than genuinely bullish. The lack of a decisive close above $65,000 could indicate a need for a more robust recovery narrative. Additionally, the likelihood of the U.S. Senate voting on the CLARITY Act this month presents a headwind, as this legislation is widely seen as unlocking a massive institutional bid for cryptocurrencies.