Bitcoin Whales Accumulate 54,000 BTC: Why Hasn’t the Expected Breakout Occurred?

CryptoQuant data shows that although wallets holding 100 BTC or more have accumulated approximately 54,000 BTC since June 14, the Bitcoin price has been unable to break out of the $62,000–$65,000 range.

Bitcoin has failed to achieve the expected rally despite purchases from large wallets. According to CryptoQuant data, while the price recovered after dropping to approximately $58,500 at the end of June, it is currently trading sideways around $63,500.

Since the change in direction on June 14, wallets with 100 BTC or more have added approximately 54,000 BTC. In contrast, the total holdings of “shark” wallets holding 1–100 BTC and retail investors with balances of less than 1 BTC have declined. In the distribution covering the June 14–August 13 period, while large wallet accumulation reached 54,400 BTC, shark balances decreased by 16,100 BTC, and retail investor balances fell by 11,300 BTC.

Whale Accumulation Has Not Yet Triggered a Breakout

The failure of the price to accompany these purchases suggests that large wallets are absorbing supply that is being met by sell-offs in the market. However, this movement is not yet considered a clean breakout. The CryptoQuant analysis notes that the seven-day average of the SOPR metric, which indicates whether spent coins are changing hands at a profit or loss, remains below 1. This situation shows that, on average, coins are being sold at a slight loss in realized transactions.

The NUPL stands at approximately 0.17, monitoring the market’s overall profit-loss balance, while the MVRV is at approximately 1.20, showing the ratio of market value to realized value. These data points indicate neither a significant undervaluation nor a period of extreme euphoria. According to the source, for a confirmed breakout, SOPR must remain above 1 and Bitcoin’s price needs to exit its current range.