Bitcoin Remains Flat Despite Whale Accumulation

1. Whales Accumulate, Yet Bitcoin Price Stagnates

Even though positive signals abound - like large ETF inflows and institutions accumulating Bitcoin - BTC continues trading sideways between $105,000 and $110,000. This has left retail investors disillusioned, as whale accumulation typically precedes a price rally.

2. Former Goldman Sachs Exec Explains the Cause

Michael Bucella, former managing director at Goldman Sachs and now a co-founder of Neoclassic Capital, identifies two main reasons Bitcoin hasn’t taken off yet:

Capital is shifting toward crypto stocks

Institutional investors are allocating capital to crypto-related equities like Coinbase (COIN) or Bitcoin-heavy firms like MicroStrategy, diverting liquidity away from direct BTC purchases.

Miners are selling BTC to raise capital

Post-halving, mining profits have dropped significantly. Many miners are selling off substantial BTC reserves to cover operational expenses. Their slow transition into AI or cloud services hasn’t offset declining margins.

3. Market Data: Selling Pressure Persists

Data from Glassnode shows miner wallet outflows surged 14% in June. OTC trade volumes also reflect large-scale BTC sales from whale wallets, while institutional wallets are accumulating - but not enough to drive prices higher.

4. Hope Remains, But Patience Is Key

Although the market is stagnant, experts believe BTC’s price stability lays the groundwork for a more sustainable rally in Q3 or Q4, once selling pressure eases and institutional inflows continue into crypto.