The cryptocurrency market is witnessing a divergence in the behavior of Bitcoin holders: large whales are increasing their positions, while medium-sized wallets are selling. This was reported by CryptoQuant contributor Amr Taha.
According to on-chain data, over the past 60 days, whales (addresses with balances of 1,000-10,000 BTC) have accumulated a net total of approximately 66,700 BTC. This is the highest level since February 17, when the figure briefly exceeded 106,000 BTC.
During the same period, wallets holding 100-1,000 BTC distributed around 77,800 BTC.
The analyst believes this current divergence indicates a shift in supply from medium holders to larger ones. However, he emphasized that the data alone does not predict the next price direction. Nonetheless, sustained accumulation by whales amid 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 volume of immediately available supply, especially during periods of aggressive distribution,” Taha noted.
Market Stagnation
Meanwhile, an analyst using the pseudonym Darkfost highlighted that over the past 30 days, investors have withdrawn approximately $2.3 billion in assets from Binance and Bybit. He attributed the outflow to liquidity compression and weak new demand.
🗞️ 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.… pic.twitter.com/04ovxO21hR
— Darkfost (@Darkfost_Coc) July 19, 2026
“Demand and liquidity are shrinking, and investors seem to prefer withdrawing stablecoins from exchanges, if not exiting 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 Michaël van de Poppe pointed out one of the lowest volatility levels for the leading cryptocurrency 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 that’s vital for more upwards tests.
If the $65,000 resistance level breaks and flips for…
— Michaël van de Poppe (@CryptoMichNL) July 20, 2026
“The market is extremely boring right now,” he concluded.
The expert identified the $65,000 mark as key resistance and $61,000 as important support. In his view, breaking 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, with little change in price over the past day.
Previously, CryptoQuant contributor CoinNiel reported a cooling of Bitcoin leverage and weak buyer return.
