Bitcoin Whales Accumulate But Mid-Size Holders Sell – Is This Potentially Constructive?

Bitcoin (CRYPTO: BTC) is witnessing a sharp divergence in investor behavior. The largest whale wallets are accumulating aggressively while mid-sized holders distribute coins.

Whales Accumulate as Mid-Sized Holders Sell

In a X post on July 20, on-chain analytics firm CryptoQuant data shows wallets holding 1,000 to 10,000 BTC have increased their 60-day net accumulation to roughly 66,700 BTC, approaching the 68,000 BTC level recorded on June 16.

The accumulation marks the cohort’s strongest buying activity since Feb. 17, when net inflows briefly exceeded 106,000 BTC.

In contrast, wallets holding 100 to 1,000 BTC have distributed approximately 77,800 BTC, representing one of the group’s most aggressive selling periods in recent months.