Over the past 60 days, Bitcoin whale wallets accumulated 66,700 BTC while mid-tier holders sold 77,800 BTC in the same period. The divergence comes as exchange reserves continue to decline and spot Bitcoin ETF inflows show signs of returning.
Whale accumulation vs. mid-tier sell-off
Data tracked by on-chain analytics shows that wallets holding at least 1,000 BTC have been steadily adding to their positions. Meanwhile, addresses with between 10 and 1,000 BTC have been net sellers, offloading a larger amount than the whales bought. The net effect is a redistribution of supply from smaller to larger holders.
Exchange reserves shrinking
Bitcoin held on exchanges has been dropping over the same period. Lower exchange reserves typically reduce the amount of BTC available for immediate sale, which can support prices if demand holds steady. The trend aligns with the whale accumulation pattern.
ETF inflows returning
After a period of outflows, spot Bitcoin ETFs are seeing renewed inflows. The shift suggests institutional demand is picking up again, though the pace remains modest compared to the first quarter of the year. The combination of ETF buying and whale accumulation is offsetting the selling pressure from mid-tier holders.
The next batch of ETF flow data, due later this week, will show whether the trend has staying power.
