Bitcoin traded close to $64,000 on Wednesday while investors turned their focus to the upcoming release of July U.S. inflation data. During the sessions monitored, BTC hovered between $63,700 and $64,215, with minor variations depending on the exchange.
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AAPLAltcoins outpace Bitcoin
While Bitcoin showed relative stability, some leading altcoins outperformed. Dogecoin advanced nearly 3%, moving just above $0.07, and BNB climbed over 2% to approach $614. Ether edged up by 1% to $1,888. XRP saw a modest gain of 0.5% to $1.02, and Solana remained flat around $76.
In contrast, Hyperliquid fell 1% to $54.7, and Cardano lost 1.8%, trailing behind broader market trends for the day.
Large holders accumulate, while smaller investors sell
Analysis from CryptoQuant highlighted a distinct split in behavior between major and minor Bitcoin holders. On August 9, wallet addresses holding more than 10,000 BTC accumulated a total of 46,420 coins. This figure is nearly twice the mid-March high of 23,238 coins and represents the strongest 60-day build-up by whales since the previous March peak.
Meanwhile, holders with balances between 0.1 and 1 BTC moved in the opposite direction, selling an estimated 9,700 coins. This reversed their previous build-up of 11,600 BTC reported on July 5.
Long-term holders continued to see their supply decrease, with $37,400 in Bitcoin moving into wallets identified with longer holding periods. However, this influx did not offset the coins sold or spent by this group overall.
Data indicated that while large investors have engaged in significant buying around the $65,000 level, selling pressure has lessened, but overall market sentiment remains cautious.
Glassnode suggested that Bitcoin’s stabilization near $65,000 could point to reduced selling activity. Still, the firm characterized the recovery as tentative, given the overall hesitancy among market participants.
Light trading volumes, cautious ETF flows
Spot trading volumes declined, falling from $4.0 billion to $3.4 billion during the observed period according to Glassnode. The reduced activity points to more restraint among traders and an absence of strong directional moves.
U.S. spot Bitcoin ETFs recorded net inflows of $7.8 million on Tuesday. BlackRock’s IBIT attracted $50.2 million in new investment, but withdrawals from other products offset a significant portion of this amount.
On Monday, ETFs saw $144.6 million in net outflows. Ether-based exchange-traded funds, meanwhile, reported losses of $14.6 million on Monday and an additional $1.7 million on Tuesday.
Market maker Wintermute described the return of ETF inflows as positive, though the company remains cautious and wants to see sustained buying before adjusting its outlook.
The Bureau of Labor Statistics will release July’s Consumer Price Index at 8:30 a.m. ET Wednesday. Economists polled by Reuters expect a 0.1% monthly rise in consumer prices and an annual inflation rate of 3.4%. Producer price data for July is scheduled for release Thursday at the same time.
Rising oil prices continue to attract attention, with Brent crude extending its rally to six straight sessions and trading near $89.60 to $89.70 per barrel during the latest check.
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