Bitcoin whales snap $3 billion in a week; What’s next for BTC?

Bitcoin (BTC) is attracting renewed interest from large investors after on-chain data revealed that whale wallets accumulated more than 39,154 BTC over the past seven days, worth approximately $3 billion at current prices.

Data shared by cryptocurrency analyst Ali Martinez in an X post on August 30, citing Santiment, shows that Bitcoin holdings among large investors increased steadily throughout the week.

Whale-held balances climbed from roughly 5.17 million BTC on August 23 to more than 5.21 million BTC by August 28.

The buying activity suggests that major holders remain confident in Bitcoin’s long-term outlook even as the asset consolidates following its latest rally.

Whale accumulation is often closely watched by traders because large investors have historically increased exposure during periods they view as attractive entry opportunities.

Bitcoin bullish technical outlook 

The bullish on-chain data is also being supported by an increasingly constructive technical picture.

In this regard, analysis from market intelligence platform TrendSpider shows Bitcoin testing a key long-term breakout zone on the monthly timeframe.

The analysis highlights a former resistance area around the $60,000 to $70,000 region that capped Bitcoin’s advance during the 2021 cycle. Following the breakout in 2024, the cryptocurrency has now pulled back toward that same zone.