The cryptocurrency market is witnessing a divergence in the behavior of Bitcoin holders: large whales are increasing their positions, while smaller wallets are selling off. This was reported by CryptoQuant contributor Amr Taha.
Source: CryptoQuant.According to on-chain data, over the past 60 days, whales (addresses holding 1,000-10,000 BTC) have accumulated a net total of approximately 66,700 BTC. This marks the highest level since February 17, when it briefly exceeded 106,000 BTC.
During the same period, wallets holding 100-1,000 BTC distributed around 77,800 BTC.
The analyst believes that the current divergence indicates a transfer of supply from medium holders to larger ones. He emphasized that the data alone does not provide a clear direction for price movement. However, sustained accumulation by whales amidst active distribution by smaller groups could be a "constructive signal" for Bitcoin in the medium term.
"Historically, sustained accumulation by large holders can reduce the amount of immediately available supply, especially during periods of aggressive distribution," Taha clarified.
Boredom in the Crypto Market
Meanwhile, an analyst known as Darkfost noted that in the last 30 days, investors withdrew approximately $2.3 billion in assets from Binance and Bybit. He attributed this outflow to liquidity tightening and weak new demand.
šļø Binance and Bybit see Over $2.3B in stablecoin outflows as BTC liquidity dries up
It has now been nearly 165 days since BTC has been testing this key $60,000 level, and this despite a push above $80,000 in May that failed to hold or reignite Bitcoin's upward momentum.ā¦ pic.twitter.com/04ovxO21hR
ā Darkfost (@Darkfost_Coc) July 19, 2026
"Demand and liquidity are shrinking, and investors seem to prefer withdrawing stablecoins from exchanges rather than leaving the market entirely. The overly pessimistic stance of investors continues to deprive Bitcoin of the resources needed for a sustainable breakout from the consolidation zone," Darkfost stated.
MN Trading founder Michaƫl van de Poppe pointed out that Bitcoin's volatility is at one of its lowest levels in a long time.
The markets are extremely boring at this point as the volatility is the lowest it has been in a relatively long time for #Bitcoin.
Overall, crucial levels are holding as support, and thatās vital for more upwards tests.
If the $65,000 resistance level breaks and flips forā¦
ā MichaĆ«l van de Poppe (@CryptoMichNL) July 20, 2026
"The market situation is extremely boring right now," he concluded.
The expert identified the $65,000 mark as key resistance and $61,000 as important support. He estimates that holding above $65,000 could pave the way for new growth, while losing $61,000 could lead to a test of the $50,000 zone.
At the time of writing, Bitcoin is trading at $64,200, showing little change in price over the past day.
15-minute chart of BTC/USDT on Binance. Source: TradingView.Additionally, CryptoQuant contributor CoinNiel noted a cooling of Bitcoin leverage and a weak return of buyers.