Bitcoin whales went on a buying spree in the final week of July, adding roughly 40,100 BTC — worth about $2.6 billion at the time — to their wallets. Data from July 23 to July 31 shows that wallets holding between 1,000 and 10,000 BTC boosted their share of total supply from 21.11% to 21.25%. The even larger cohort, those with 10,000 to 100,000 BTC, bottomed at 11.19% on July 27 before climbing to 11.25% by month-end. The accumulation came just before a $233 million inflow into US spot Bitcoin ETFs on July 30, led by BlackRock's IBIT.
Whale buying spree
The two whale cohorts combined added 40,100 BTC over nine days. On Binance Futures, a whale-retail divergence score of +21.8 showed large traders were significantly more tilted toward long exposure than retail traders. That gap suggests the big money was betting on a rally while smaller players stayed cautious.
ETF inflows break losing streak
On July 30, US spot Bitcoin ETFs recorded net inflows of $233.13 million. BlackRock's IBIT alone accounted for $183.4 million — 79% of the total. The inflow snapped a four-day losing streak that saw outflows of $225.18 million on July 23 and $240.08 million on July 24. The timing is notable: whales moved first, then institutional money followed.
August looms as historically weak month
August has been Bitcoin's worst month historically, with a median return near -8%. It has closed red every year since 2022. July, by contrast, has closed green for three consecutive years. The whale accumulation in late July could be a bet against that seasonal pattern, or it could be a hedge. Either way, the next few weeks will test whether the buying pressure can overcome August's track record.
The whale buying preceded the ETF inflows, indicating that large holders acted before institutional investors. Whether that front-running signals confidence or just a short-term trade is the open question as August begins.
