Bitcoin whales add $1.3bn in BTC as price hovers near $62.6k

Bitcoin added roughly 20,000 BTC ($1.3 bn) in July as the price slipped about 3% over the past week, keeping the asset near $62,600 and reviving speculation that a bear‑market bottom may be forming [1][3].

Whale buying and on‑chain signals

Santiment on‑chain data shows wallets holding 1–100 k BTC added 20,000 BTC in July, valued at roughly $1.3 bn [1]. This accumulation came as Bitcoin failed to break the $66,000 resistance, forming a double‑top pattern that would be invalidated only if the price fell below $60,000 [1].

At the same time, two on‑chain metrics point to a possible bottom. The Puell Multiple, which measures miner revenue against its 365‑day average, is hovering just above the 0.5 capitulation zone that preceded five previous cycle lows [3]. Meanwhile, long‑term holder supply—coins unmoved for more than 155 days—reached a record 16.75 million BTC (about 84% of circulating supply) on July 11 [3]. Both indicators have historically signaled the end of bear markets, though the Puell Multiple has not yet crossed the decisive threshold.

Market context and sentiment

The broader market backdrop remains weak. Analysts now assign an 80% probability to a September rate hike, which depresses risky assets like Bitcoin [1]. ETF flows also turned negative, with net outflows of over $500 million recorded across four consecutive days [1]. Despite these headwinds, the continued whale buying suggests conviction that the price could soon find a floor, even as short‑term catalysts for a rally appear absent [1].

What to watch

• $60,000 support – a break below could trigger a deeper correction toward $50,000.
• Puell Multiple crossing 0.5 – a decisive drop would align with past cycle bottoms.
• Long‑term holder supply trends – further increases may reinforce accumulation pressure.

The convergence of whale accumulation, a near‑critical Puell Multiple, and record long‑term holder supply keeps the debate alive: is Bitcoin at the trough of its current bear market, or will additional downside pressure be needed before a durable recovery can begin?