Bitcoin (BTC) whales and spot exchange-traded funds (ETFs) are absorbing supply, yet on-chain data shows the wider recovery still lacks depth.
Strong accumulation now sits against weak network activity and thinning liquidity, suggesting the market has not yet moved from a fragile bounce to a durable trend.
The Accumulation Case Looks Strong
CryptoQuant data show that addresses holding more than 10,000 BTC accumulated 46,420 BTC over a 60-day period through August 9. That reading is the highest since March 15 and nearly double the mid-March peak of 23,238 BTC.
Wallets holding 0.1 to 1 BTC reduced balances by roughly 9,700 BTC over the same period.
"This is a notable shift in positioning. The largest holders are increasing their exposure while smaller holders are reducing theirs," an analyst wrote.
Santiment separately counted 90 wallets holding at least 10,000 BTC, a six-month high.
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Institutional demand also strengthened last week. Spot Bitcoin ETFs drew about $853.54 million in the week ending August 7. That was their best week since April 17, according to SoSoValue.
Why Bitcoin's Recovery Still Looks Fragile
Nonetheless, the latest signals look softer. Spot Bitcoin ETFs reversed to a net outflow on Monday, an early sign that the inflow streak may be losing momentum.
Glassnode also reported that active addresses, transfer volume, and fee generation have drifted toward lower bounds. Profitability has improved only modestly, and realized losses still exceed realized profits on-chain.
