Wallets holding at least 100 bitcoin accumulated about 60,000 BTC in August, while smaller investors reduced their positions as the cryptocurrency recorded one of its strongest monthly rises in years, according to CryptoQuant data.
The coins added by the largest wallets were worth approximately $4.7bn when bitcoin was trading near $78,000, highlighting the scale of the buying during the month.
CryptoQuant analyst Woo Minkyu’s analysis of wallet balances between 1 and 30 August showed a clear divide between the biggest holders and the rest of the market. Addresses containing 100 BTC or more increased their combined holdings by roughly 60,000 BTC during that period.
By contrast, wallets holding between one and 100 BTC sold about 33,000 BTC. The smallest group, made up of wallets with less than one bitcoin, reduced its holdings by close to 14,000 BTC.
Taken together, the two smaller categories sold approximately 47,000 BTC. That figure was close to the amount accumulated by the largest wallets, suggesting that coins were transferred from smaller holders to investors with substantially larger balances.
The pattern emerged as bitcoin’s price rose towards its best August performance since 2017. The data indicates that the buying behind the advance was concentrated largely among the biggest holders, while selling activity was spread disproportionately across smaller wallets.
Such a shift is not automatically a bearish signal. Retail investors may deliberately take profits during a strong rally, particularly after a sustained rise in the value of their holdings. However, the size of the difference between the groups makes the August figures notable.
The latest figures also provide further support for an earlier signal identified by CryptoQuant. Bitcoin.com News reported in August that the platform’s whale ratio reached 61.6% during an earlier market dip. That measure pointed to large wallets buying while the wider market remained cautious, a trend that appeared to continue in Woo Minkyu’s latest chart.
The accumulation does not guarantee that bitcoin’s price will continue rising. Large holders can build positions before later selling into strength, particularly if smaller investors return to the market and provide additional demand.
For now, the data shows that conviction was most concentrated among the largest wallet holders during the same period in which bitcoin posted its strongest monthly gain in almost a decade.
Bitcoin traded between $77,850 and $78,125 early on Tuesday morning. The price had pulled back from the $79,000 area and was near the level reported at the time, according to the market update.
