Large investors are accelerating their Bitcoin purchases, while a $3.2 million transfer from a wallet dormant since 2011 has attracted attention. Whale accumulation and ETF inflows support expectations of a price increase, although Bitcoin has yet to begin a strong move above $65,000.
According to Santiment data, wallets holding between 10 and 10,000 BTC have purchased more than 20,000 Bitcoin since July 29. Worth approximately $1.2 billion at current prices, the purchases occurred within the narrow range below $65,000 where Bitcoin has recently traded.
Bitcoin whales accelerate their purchases
Santiment reported that large investors were accumulating Bitcoin while smaller holders were selling. According to the company, this divergence makes a move above $70,000 increasingly likely compared with a decline below $60,000.
Institutional investor demand is also showing signs of recovery. According to SoSoValue data, U.S.-listed spot Bitcoin ETFs recorded $754.69 million in net inflows this week.
The funds are now heading for their strongest weekly performance since April. Nexo analyst Liya Kalchev said Wednesday’s inflows alone exceeded $240 million, marking a significant reversal following record outflows in June.
However, the strong ETF inflows have yet to produce a comparable increase in Bitcoin’s price. According to Kalchev, this could indicate that current buyers are pursuing short-term opportunities instead of showing strong conviction in a long-term rally.
The analyst said Bitcoin needs a decisive close above $65,000 to establish a sustainable recovery narrative. The postponement of the Clarity Act vote until September also remains among the political uncertainties limiting faster growth in institutional demand.
Bitcoin wallet dormant since 2011 becomes active
While large investors continued buying, a Bitcoin wallet that had remained inactive since 2011 transferred nearly 50 BTC. The wallet sent the assets, worth approximately $3.2 million, to an address that previously transferred funds to institutional crypto brokerage FalconX.
According to Galaxy Research, the wallet received 49.97 BTC on July 16, 2011. Bitcoin traded at approximately $10 at the time, placing the total value of the holdings at only around $500.
The transfer occurred on August 6 in block 961331 on the Bitcoin network. The assets from the dormant wallet were combined with smaller inputs from other addresses before a total of 50 BTC was sent to a SegWit address.
Arkham data show that the receiving address previously transferred 6.336 BTC and 16.131 BTC to wallets labeled as FalconX deposits. The same address has also received funds from wallets linked to Nexo and Prime Trust.
However, the newly transferred 50 BTC remained at the address as of Friday morning. Therefore, there is no on-chain evidence that the assets were sent to FalconX or sold.
Coldcard vulnerability prompts activity in old wallets
The transfer came as dormant Bitcoin wallets began showing renewed activity following the discovery of a security vulnerability in Coldcard hardware wallets. Manufacturer Coinkite said a firmware flaw dating back to 2021 could expose private keys generated by some affected devices.
Attackers have stolen up to $114 million in Bitcoin from vulnerable wallets across four waves of attacks since July 30. However, there is no evidence connecting the wallet created in 2011 to the Coldcard vulnerability.
Whale purchases and ETF inflows provide a supportive backdrop for Bitcoin. Still, transfers from dormant wallets, political uncertainty and selling pressure around $65,000 continue to prevent the market from establishing a clear direction.
