Investor sentiment towards Bitcoin has shifted significantly over the past month, diverging from stock market trends, according to Robert Mitchnik, head of digital assets at BlackRock, during an interview on Bloomberg ETF IQ.
Mitchnik noted that the decoupling of Bitcoin from equities began in the first half of the year, initially working against the cryptocurrency. While shares of AI companies surged, Bitcoin's price remained stagnant or declined.
"In July, amidst a significant downturn in the AI sector, Bitcoin demonstrated markedly better performance. This divergence is positive for us—it reinforces the thesis of Bitcoin as a diversification tool and a hedge against sharp declines in other parts of a portfolio," Mitchnik stated.
When addressing the impact of the downturn on ETF holders, Mitchnik explained that the core investors in these funds are those who purchase Bitcoin based on fundamental analysis and hold their positions long-term. He reminded listeners that the asset has already experienced five complete cycles of growth and decline, each ending at a higher level than the last.
According to SoSoValue, the week ending August 7 saw an inflow of $853.54 million into U.S. spot Bitcoin ETFs, the highest since mid-April. Of this, $693.64 million went to BlackRock's IBIT fund, while Fidelity's FBTC received $116.38 million.
Source: SoSoValue.As of this writing, Bitcoin's price is approximately $64,300. Since the beginning of the year, the asset has fallen about 26.5%, and over the past year, it has dropped by 46%.
Hourly BTC/USDT chart from Binance. Source: TradingView.Large Addresses Accumulate Ahead of Inflation Data
The number of addresses holding at least 10,000 BTC has risen to 90, marking a six-month high. According to Santiment, this group has added six wallets over the past eight weeks.
🐳 Bitcoin’s elite wallet count has bounced back to a 6-month high, with 90 wallets now holding at least 10K $BTC.
📈 This is not a tiny signal. There has been a net gain of +6 wallets holding at least 10K+ BTC in the past 8 weeks, a +7.1% rise.
🦐 Micro wallet holdings have… pic.twitter.com/c2khTjHsC5
— Santiment Intelligence (@SantimentData) August 10, 2026
Since July 29, large wallets (holding between 10 and 10,000 BTC) have accumulated around $1.5 billion. In contrast, smaller wallet balances have decreased in August. Analysts attribute this discrepancy to two factors: the aftermath of the Coldcard hardware wallet breach and the postponement of voting on the CLARITY Act to September.
Santiment interprets this as a redistribution of coins favoring larger players. They assess that, under these conditions, Bitcoin is more likely to rise above $70,000 than to fall below $60,000.
A similar trend was observed by CryptoQuant. Analyst Amr Tahi noted that on August 9, addresses holding over 10,000 BTC acquired 46,420 coins in a single day—the highest volume since March 15. Over the past 60 days, this group has accumulated nearly twice as much as during the March peak.
On the same day, holders of 0.1 to 1 BTC sold 9,700 coins.
Source: CryptoQuant."The divergence is noteworthy as it illustrates two entirely different positioning trends occurring simultaneously: the largest balance group is increasing its exposure, while smaller holders are reducing theirs," the expert remarked.
Tahi connected this accumulation moment to the upcoming U.S. inflation data: the consumer price index report for July will be released on August 12, followed by the producer price index on August 13.
Some On-Chain Metrics Contradict Accumulation Trends
However, CryptoQuant analyst rei-researcher pointed out that the balance of long-term Bitcoin holders continues to decline, despite several influx spikes into this category in recent months.
He estimated that the number of new coins transitioning into the long-term holder category is currently less than those leaving it. This indicates that some experienced investors are still taking profits or distributing their holdings into the market.
Source: CryptoQuant.rei-researcher identified this metric as crucial for ongoing observation: he noted that a reversal of the balance itself means more than short-term influx spikes.
Another CryptoQuant expert, using the pseudonym stasolutions, believes that the market is currently in a peak formation phase. According to his wave analysis, the overall trend remains downward, with recent gains being merely a correction within that trend. He emphasized that the momentum is weak, movements are stretched over time, and indicators are providing inconclusive signals.
stasolutions identified the ultimate peak zone within the range of $66,317 to $68,965. If the price reaches this level, he anticipates a downturn with a near-term target of $51,336—this corresponds to the 61.8% Fibonacci correction level.
He justified his position with bearish divergence: price peaks are being updated, while MACD peaks are declining. Additionally, the RSI is overbought, and trading volumes have decreased throughout the growth period since July 1.
It is worth noting that on August 10, a contributor to CryptoQuant using the pseudonym ShayanMarkets highlighted Bitcoin's nearest resistance levels.