Bitcoin Whales Accumulate; Analyst Breaks the Myth That This Is a Bullish Signal

• Historically, the accumulation of bitcoin tends to be the prelude to a bullish impulse.
• Analyst Abramchart believes that "today's accumulation does not guarantee a long-term trend."

In a massive movement recorded between June and the current month of August 2026, a record inflow of over 38,000 BTC was detected towards long-term holder addresses and over-the-counter (OTC) transactions.

This injection by whales—investors holding more than 1,000 BTC—is historically interpreted as the prelude to a bullish impulse, as reported by CriptoNoticias.

However, the current behavior of bitcoin's price presents a different scenario. With a bitcoin price hovering around $64,600, the reading on the fate of these assets requires analyzing the average acquisition cost of the BTC.

The following chart from CryptoQuant illustrates the metric of BTC inflows to accumulation addresses during the period from June to early August. Accumulation addresses are those that do not have outgoing transactions, excluding miners and exchanges. This tracking considers addresses that hold more than 10 BTC and have been active in the last 7 days.

The realized price, for its part, reflects the average price at which investors acquired their funds in the past. Since many participants bought when the asset was fluctuating between $70,000 and $76,000, recent movements to $64,000 could respond to a strategy to average down their overall cost.

It is noteworthy that the flows observed in the last week of the chart coincide with the security incident that affected the Coldcard hardware wallet since July 31 and the following days.

This synchronicity raises the possibility that this is not a wave of purchases in the market, but rather users migrating their funds from Coldcard to other wallets for precaution.

A scenario of this nature would be even more favorable for a cautious stance towards the market, confirming that these volumes would respond to a simple reorganization of custody and not to real demand pressure.

Additionally, the CryptoQuant analyst identifying as Abramchart warns that this accumulation does not necessarily imply confidence in a bullish movement. According to the specialist, today's accumulation does not guarantee a long-term trend, but could also represent a strategic position before a break-even exit, that is, recovering capital without registering losses.

In this context, addresses dedicated to holding funds without frequent sales face a decisive moment. If the price rebounds to $70,000, these addresses will reach their financial neutrality.

Abramchart himself maintains that the inflows are undoubtedly significant and deserve close attention, but the realized price of $70,000 could become an important decision zone. According to the specialist, the actions of large holders at that threshold will determine the market trajectory.

The analyst adds that if these addresses continue to accumulate or begin to distribute around that level, it will provide a much clearer signal about the next major trend. Distribution describes the gradual sale of assets.

Therefore, a price of $70,000 for bitcoin represents the key reference to monitor in the coming weeks. The intensity of the selling volume in that zone will reveal whether supply halts the price recovery or if massive purchases confirm a firm bet towards higher quotes.