Bitcoin Whales Add 66.7K BTC as Strategy Sells Shares, Buys Zero for Second Week
On-chain data shows whales absorbing 66,700 BTC from mid-tier sellers while Strategy sits out with $263.5M in fresh MSTR proceeds.
Bitcoin traded back above $65,000 on July 20, up 1.5% intraday, as roughly $44 billion flowed into total crypto market capitalization within a two-hour window. The move coincided with reports that US-Iran talks could resume, and Ethereum reclaimed $1,900 in the same risk-on wave. But the more durable signal for traders sits underneath the price bar: on-chain flows show large wallets buying while mid-sized holders sell into strength, and Strategy is conspicuously sitting out the accumulation.
Whale cohorts buy 66,700 BTC while mid-tier wallets dump 77,800 BTC
CryptoQuant data cited on X by analyst @LLuciano_BTC shows a 60-day divergence between wallet cohorts holding 100 to 1,000-plus BTC and those holding 10 to 100 BTC. Whale-sized wallets have added 66,700 BTC since early June, while mid-sized holders have distributed 77,800 BTC over the same period. Smaller retail wallets under 10 BTC show no clear directional trend.
The price has held a $60,000–$65,000 consolidation range through the same window, which on-chain analysts read as evidence that whale demand is absorbing mid-tier supply rather than the market simply drifting sideways on thin volume. A shrinking liquid float in the hands of larger holders typically precedes sharper directional moves once demand accelerates, since fewer coins remain available to meet incremental buy pressure.
Strategy sells $263.5M in shares, adds zero BTC for a second straight week
Strategy disclosed it sold 2.73 million MSTR shares for $263.5 million in net proceeds between July 13 and July 19, according to a report from Wu Blockchain. Crucially, the company made no Bitcoin purchases during the period, leaving its treasury unchanged at 843,775 BTC, acquired for a cumulative $63.69 billion at an average cost basis of $75,476 per coin.
Its US dollar reserve grew to $3.225 billion as a result. This marks the second consecutive week Strategy has raised capital through share sales without deploying any of it into Bitcoin, a departure from the pattern of buying dips that has defined the firm’s treasury strategy since 2020. Whether this is a deliberate pause to build dry powder or a signal of reduced conviction at current levels is not disclosed in the filing, but the cash build stands out against the whale accumulation happening elsewhere on-chain.
Levels traders are watching
With BTC consolidating in the low-$60,000s to mid-$60,000s, near-term support sits at $63,500, with deeper levels at $61,000 and $60,000 if that fails. On the upside, $66,000 is the first resistance, and a volume-backed break above it opens the path toward $68,000 and $70,000.
Trader Dr. Profit, who publicly called the 2025 cycle top, told followers he re-entered Bitcoin spot for the first time since September 2025 at $64,000, structuring a scaled-in position of 5% of allocated capital per day across the $54,000–$64,000 range, citing the weekly 200-day moving average and the top of the 2024 consolidation box as technical support for the zone. His stated view is that the market remains skewed toward expecting a drop to $40,000–$50,000 that he does not think will materialize, though that remains his individual thesis rather than a confirmed market outcome.
Read more: Dormant Bitcoin Whale Unlocks $383M, Leaves $363M on the Table vs 2025 Peak