Whales Scoop Up Supply Dumped by Retail Investors… Is Bitcoin's $70,000 Explosion Beginning?

▲ Bitcoin (BTC) ©Dasol Ko

Despite the sell-off by individual investors, aggressive accumulation by whale entities has been observed, leading to an analysis that the price of Bitcoin (BTC) will soon break through the $70,000 mark.

According to the cryptocurrency media outlet Finbold on August 7 (local time), the on-chain data analysis platform Santiment diagnosed that despite Bitcoin's price being stuck in a sideways range between $58,076 and $66,896 since early July 2026, there is a high probability of a bullish rally towards the $70,000 mark in the short term. Santiment's data analysis revealed that since July 29, the wallet balances of small individual investors holding less than 0.01 BTC decreased by 0.59%.

In contrast, the wallet balances of large whales holding 10 to 10,000 BTC increased by 0.34% during the same period, showing a contrasting trend. Santiment analyzed that as the continuous accumulation by major stakeholders (whales) and the capitulation (sell-off) pattern of small holders continue, the probability of breaking through $70,000 is increasingly greater than the possibility of falling below $60,000.

The strong buying pressure from whale entities is also clearly evident in the supply and demand of the US Bitcoin spot ETF market. According to SoSoValue data, US Bitcoin spot ETFs recorded net inflows of approximately $754.69 million in August, increasing their total net assets to $78.77 billion.

Bitcoin's price has risen by more than 4.4% over the past 30 days, trading at approximately $64,790 at the time of reporting. As of Friday, the 24-hour average trading volume decreased by more than 17% to $18.43 billion.

From a technical analysis perspective, it is also highly likely that the months-long bear market has bottomed out. The recent supply of Bitcoin in a loss state has reached an all-time high, which has historically served as a warning sign indicating the tail end of a macro bear market. If accumulation by whale entities continues amidst individual investor capitulation, Bitcoin is expected to surpass $70,000 and continue its upward trend.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*