Bitcoin: Whales have accumulated 113,950 BTC since mid-July, a precursor to a bull run?

Since mid-July 2026, a significant trend has emerged within the Bitcoin ecosystem: institutional investors and high-net-worth individuals, commonly known as "whales," have initiated a massive accumulation phase. On-chain data reveals that wallets holding between 100 and 1,000 BTC have added over 113,950 units to their reserves. This movement now accounts for approximately 5.24 million tokens, representing more than a quarter of the total circulating supply. This acquisition strategy, which began while market prices were still uncertain, reflects a deep-seated conviction among these major players regarding the current cycle's dynamics.

The behavior of these investors stands in stark contrast to retail sentiment, which has often retreated or turned cautious during periods of stagnation. While Bitcoin's price has experienced marked volatility in recent months, alternating between corrections and rapid gains, whales have maintained a consistent buying policy. For instance, one institutional investor recently took advantage of a technical dip to acquire over 530 BTC in a single transaction. Over a twenty-day period, this same wallet accumulated more than 2,460 BTC, reinforcing the idea that "strong hands" are using corrections as entry points to bolster their medium- and long-term positions.

This steady accumulation is particularly telling as it occurs against a backdrop where publicly traded companies, such as Strategy or Strive, are also intensifying their reserve strategies. The alignment of these entities with the movements of individual whales bolsters the thesis of a new bullish cycle in the making. Analysts point out that such accumulation periods, when coinciding with retail apathy, have historically served as a leading indicator for identifying market bottoms before a sustained recovery.

Although Bitcoin is still trading below its 2025 all-time highs, the composure shown by large wallets suggests a positive outlook for the coming months. By absorbing a significant portion of the available supply despite the liquidations affecting short-term speculators, these investors are mechanically reducing sell-side pressure on exchanges. This supply and demand dynamic, driven by structural confidence, represents a key factor in Bitcoin's valuation, confirming that the market is bracing for a decisive transition phase.