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# Whales accumulated $2.75 billion in 60 days, while retail investors ran the other way
Over 60 days, net purchases totaled 43,000 BTC. Whales are quietly "taking the knife," while small wallets holding 0.1–1 BTC simultaneously sold 9,700 BTC. When smart money and retail investors first head in opposite directions with such decisiveness, it often signals that an approaching trend watershed is drawing near.
Over the past two months, the price of Bitcoin has repeatedly bashed out at the 60,000–65,000 USD range, wearing retail investors down and sapping their patience. Even the largest buyer behind Strategy turned into a seller. But beneath this seemingly "nobody's buying" order book, the on-chain data tells a completely opposite story—whales have been quietly accumulating. CryptoQuant tracked that over the last 60 days, large BTC holders increased their net holdings by about 43,000 BTC, which at current prices is nearly $2.75 billion. The scale is almost two times the March peak (23,238 BTC). This marks the first clear instance of cross-tier synchronization in a whale group reversing back after months of net selling—**a synchronized return across layers**.

# BTC breaks above 72K, the whales’ 60-day sweep plot was already laid out
Bitcoin surged violently today, breaking through $72,000 and hitting a new high since late May. More than $3.1 billion worth of short positions was liquidated. But if you’ve been watching on-chain data, today’s breakout isn’t exactly without warning—whales had already cast their votes with real money.
## The giant whale turns around: Net buy of 43,000 BTC in 60 days
CryptoQuant’s latest data shows that over the past 60 days, large BTC holders have net added about 43,000 bitcoins, worth approximately $2.75 billion at the current price. Note: this is not chasing the rally—the accumulation in this round began when BTC fell to around $60,000, precisely during the period when market sentiment was most panicked.

On August 20, Bitcoin’s one-hour liquidation of shorts exceeded $1 billion, and the price surged straight to $70,000.
# $1B One-Hour Short Squeeze: On-chain data spotted this squeeze two days earlier
This sudden surge wasn’t a backroom “gift” from the news. Before the trading chart erupted, on-chain indicators had already written the script—whales accumulated against the trend, the options market completely abandoned bullish pricing, and short positions were overly crowded. With these three conditions stacked together, all it took was a single policy spark to ignite the move.
## 1. On-chain signals turn the tide ahead of price by two days
CryptoQuant analyst Axel Adler Jr. tracks the BTC Regime Score (Bitcoin market state score). On August 17, it rose to 60.07, entering the “strong bullish” range for the first time since the end of July. This metric combines spot demand, capital flows, and holder behavior to determine whether the market is in an accumulation phase, a distribution phase, or a transitional stage. Its key point: on August 17, while BTC price was still trading sideways around $63,324, the score turned positive about two days ahead of the major price surge on August 19–20.

Bitcoin active addresses have dropped to 545,000, the lowest record since 2018. But what’s strange is that the $BTC price remains rock-solid in the $63,000–$65,000 range. If on-chain activity is clearly as quiet as a bear market, why isn’t the price falling?
Behind this are three “retreat signals” happening at the same time.
**First Stage of Atrophy: User Activity Returns to 7 Years Ago**
According to CryptoQuant data, on August 9 the number of Bitcoin active addresses fell to 545,233, the lowest reading since 2018. Active Addresses refer to the number of unique addresses that make transfers within a 24-hour period, and are a core metric for measuring real user participation on the blockchain.

# BTC ETF sees only $0.5 billion in one week, while the ETH ETF absorbs $2.8 billion—institutions quietly rotate their holdings
A set of data from last Monday made the entire crypto circle uneasy: the U.S. spot ETH ETF posted net inflows of about $2.85 billion, setting a new all-time high, while the BTC ETF brought in only about $548 million in the same period—an exact fivefold gap. Are institutions’ funds quietly flowing from BTC to ETH?
## A barrage of liquidity data
In the week of August 18, SoSoValue’s statistics show that the U.S. spot ETH ETF recorded net inflows of $2.85 billion, the highest single-week figure since the product was launched. In the same period, BTC ETF net inflows were only about $548 million. This is not a one-off “small fluctuation.” Since the end of July, the ETH ETF has maintained net inflows for five straight weeks, while the BTC ETF once saw net outflows for four consecutive weeks.

# 5.34%! 30-year U.S. Treasury yields hit a 19-year high, while BTC is quietly reclaiming $65,000
30-year U.S. Treasury yields surged to 5.34%, the highest level ever seen since 2007. At the same time, BTC on the short term seized $65,000, while ETF funds posted a daily net inflow of $298 million. One is tightening liquidity, the other is surreptitiously strengthening. Hidden in this gap is the most real structure of the current crypto market.
## A dataset of fights
Spread out last week’s market action and you’ll see several clearly different “cards”: one is that mid- to long-term capital is quietly making moves. According to Santiment data, in the past 60 days, whale addresses have increased their net holdings by about 43,000 BTC—backed by real money worth nearly $2.8 billion at current prices. The “buy the dips” posture is very evident. On August 18, U.S. spot BTC ETF flows saw a daily net inflow of $298 million, setting a new single-day high since May 5.

# Ethereum surges 9% past 2090: record ETF inflows and staking narrative ignite
Ethereum has surged 9% in a single day, breaking through the $2,000 psychological level and pushing toward $2,090—its highest level since May 27. While BTC was still stuck tugging between $64,000 and $69,000, ETH had already made its directional choice first.
## Behind the surge: it’s not just following—there’s an independent narrative
Data released on the evening of August 19 shows that over the past 24 hours, ETH rose 9.05%, jumping directly from around $1,900 to $2,089.96. In the same period, BTC gained 6.69%; although it also broke through $69,000, ETH’s relative strength is clearly visible.

Money is back, but the entry points are undergoing a reshuffle.
Over the past two trading days, US spot Bitcoin ETFs saw net inflows of about $487 million: $298 million on Monday and $189 million on Tuesday. Yet the BTC price only inched up slightly from around $64,000 to $64,500—neither breaking above $65,000 with increased volume nor falling back to $63,000. This state of “capital inflows, price staying flat” suggests that the current market is no longer simply about ETF inflows—on the institutional side, the crypto entry routes are going through a round of structural reshuffling.
## I. ETF Recovery: the leaders are well-fed, while the tail end is being cleared

When South Korea’s chip stocks plunge 7%, why doesn’t Bitcoin fall from 64k?
On August 19, global risk assets saw a split in market mood. Samsung Electronics and SK Hynix in South Korea both dropped by more than 7%, and the Korean composite index was hammered down by over 6%. Overnight, the Philadelphia Semiconductor Index fell 5%, and Asian semiconductor stocks followed down by more than 3%. Meanwhile, Bitcoin held steady around $64,250, ETH stayed above $1,900, and the total crypto market cap even inched up to about $2.29 trillion. One side sees tech stocks with heavy losses, while the other sees major coins trading in narrow ranges—not a coincidence, but rather capital is re-pricing “risk appetite.”

Price is falling, yet the smartest money on-chain is buying. After BTC slipped below 63,000, super whales snapped up 46,000 BTC in just 60 days.
On August 14, BTC officially broke below the $63,000 psychological level, with Binance’s latest trade price at $62,969. After weeks of back-and-forth trading between $64,000 and $65,000, the bulls’ line of defense has finally been breached. Panic sentiment is starting to spread— but if you only watch the candlestick chart, you might miss an on-chain “major reshuffling of holdings.”
First, let’s clarify a few key terms to help you make sense of the data that follows. Whale (巨鲸): refers to large BTC holder addresses—typically starting from 1,000 BTC, while holders with 10,000+ BTC are considered “super whales” ("超级巨鲸"). They are among the biggest players with the strongest influence over market pricing. Long-Term Holders (LTH): refers to addresses that have not moved their coins for more than 155 days—also known as “diamond hands” ("钻石手"). Realized Price (已实现价格): the chain-wide, weighted average cost basis at the time each BTC last moved on-chain. In other words, it’s the “average cost line” of all BTC holders.

Beneath the choppy market around $64,000, an "quiet exit" is taking place—centralized exchange BTC balances have fallen to the lowest level since December 2017.
# Exchange balances hit an 8-year low, and a "supply squeeze" is underway on the BTC chain
## An unintuitive phenomenon
Over the past two weeks, the BTC price has been hovering in the $64,000–$65,000 range, almost lulling people to sleep. But if you open the on-chain dashboards of Glassnode or CryptoQuant, you’ll see a completely different picture: **BTC on exchanges is being "emptied out."**
As of early May 2026, the total BTC reserves of global centralized exchanges have fallen to about 2.679 million coins, the lowest level since December 2017. Starting from the 3.2 million coin peak in 2024, cumulative reductions have exceeded 520,000 BTC. Only between February and May 2026, Binance, OKX, and Gemini together saw nearly 100,000 BTC flow out, worth more than $8 billion.

ETFs are buying, institutions are hoarding, yet Bitcoin itself hasn’t budged. The answer is hidden on-chain: the market’s "ammunition depot"—is running low.
Bitcoin’s recent performance has been rather "split." Over the past week, U.S. spot $BTC ETFs recorded a cumulative net inflow of $865 million, the strongest weekly performance since April; meanwhile, the number of addresses holding at least 1 BTC has also hit an all-time high. In theory, money is coming in and supply is being accumulated—so the price should have taken off by now. But the reality is: for four straight trading days, BTC has failed to hold above $65,000, grinding back and forth in a narrow $64,000–$65,000 range.
Where on earth did the money go? On-chain data gives a cold, blunt answer: **the market’s "ammunition"—stablecoins—are steadily running out.**

Miners have sold 28,000 BTC over the full year, and an “invisible ceiling” is forming on-chain.
#BTC $BTC # On-chain data
Bitcoin has been trading sideways in the $63,000–$66,000 range for more than a month. ETF buying and recurring hopes for macro interest-rate cuts keep propping up the price, but it just can’t break higher. On-chain data gives a straightforward answer: it’s not that nobody wants to buy—rather, there’s a massive “sell-to-unwind” order hanging overhead. This article breaks down the market’s real resistance and potential inflection points using four key sets of indicators.
## Section 1: Miner Deleveraging — The Biggest Structural Sell Pressure Source in 2026

Behind the theft of 1,816 bitcoins: How a cold wallet vulnerability rewrites the narrative of crypto custody
"If it’s not your private key, it’s not your coins"—the crypto community’s credo is being quietly shaken by a hardware wallet vulnerability.
In late July, a well-known Bitcoin hardware wallet, Coldcard, revealed a firmware vulnerability. The attacker exploited a flaw in seed generation and stole about 1,816 bitcoins from more than 5,200 addresses, worth roughly $116 million. This is not only the third-largest crypto security incident in 2026, but it has also sparked a profound reflection on "self-custody vs. institutional custody."

In its first month, the ETH staking ETF pulled in $365 million, surpassing BTC—“lying back to earn 2%” is rewriting institutional allocation logic
**In July 2026, the Ethereum spot ETF recorded $365 million in net inflows, surpassing Bitcoin ETFs for the first time by $205 million. This is not only a turning point in fund flows—it also signals that the combination of “staking yield + price exposure” is tearing apart traditional crypto allocation logic.**
Over the past two years, Bitcoin ETFs have been the only main gate for institutions entering the crypto world. But starting in March 2026, when BlackRock launched its first ETH staking ETF, a quiet side door was opened beside that main gate—walk through it and you can get exposure to ETH price gains and losses, while also earning an annual “easy profit” of about 2% from staking. For institutional capital accustomed to the 4% risk-free rate of U.S. Treasuries, this 2% is an answer that BTC can never provide.

# After CPI lands, capital quietly splits between BTC and ETH
Spot Bitcoin ETFs saw a $61.00 million outflow in a single day, while ETH was quietly added by the same group of institutions.
August 13, Farside Investors data shows that US spot Bitcoin ETFs recorded a net outflow of $61.10 million—among which IBIT saw outflows of $14.30 million, while FBTC alone saw outflows of $46.80 million; but within the same time window, spot Ethereum ETFs instead recorded a net inflow of $7.40 million, and 100% of it came from BlackRock’s ETHA.
Capital flowed in the opposite direction within the same trading day—this is definitely not a coincidence.

$854 million poured in, and BTC still stalls at $65,000. Behind what looks strange lies the most brutal capital game in the crypto world.
# BTC 65K Ranging: $854 Million in ETF Inflows—Why Is the Price Stuck?
In the first week of August, the crypto market saw a baffling “contrast phenomenon”: US spot BTC ETFs recorded a net inflow of $854 million in a single week—the strongest weekly performance since April 17—yet the BTC price kept hovering between $64,000 and $65,000, barely moving at all.
On one side, there’s genuine hard-cash institutional buying; on the other, there are K-lines that can’t go up. Who exactly is eating this money?

You can refresh a Weibo post in just 0.1 seconds, but to confirm a transaction on the blockchain, nodes first have to "recite"—that is, re-iterate—every transaction in the block, like a person painstakingly checking an entire book word for word. On August 17, the World Chain mainnet is set to launch a new feature aimed at turning this book into a set of materials that many people can check at the same time. It’s called EIP-7928, and folks in the know call it the "Block Access Lists" (BAL).
#区块链扩容 #Layer2 #Web3 education
## Why does blockchain verification feel like a "one-lane toll booth"?
Imagine a highway toll booth. In traditional blockchain verification, there’s only one lane: all cars must line up and pass through, while the attendant checks them one by one. What’s worse is that whether the second car can pass often depends on what’s left on the road after the first car goes by—so it’s basically impossible to process cars side by side.

Imagine this: you’re driving through a high-speed highway during rush hour with only one lane for cars. Every vehicle has to queue to pay a toll—anywhere from tens of dollars to a few hundred dollars. That’s what Ethereum mainnet before 2024 was like: the world’s computer, yet as slow as a morning-commute subway.
But today in 2025, this highway has changed. It hasn’t just been widened—dozens of elevated flyovers have been built above it. These flyovers are Layer2.
## What exactly is Layer2? Explained in one sentence
If you compare Ethereum mainnet (Layer1) to a headquarters bank, then Layer2 is like the branch offices spread across the country. Your deposits and withdrawals are handled first at the branches—faster and cheaper—while only the final results are periodically reported back to the headquarters for record-keeping. That way, the headquarters is under less pressure, and your experience is ten times better.

# When U.S. Treasuries go into your wallet: why does RWA triple in half a year?
DeFi shrinks by 35%, while RWA triples—money didn’t leave; it just moved to a smarter track.
## If a bank were a smart contract
Imagine: you walk into a bank, and behind the counter there isn’t a person, but a piece of automatically executed code. You deposit 100 bucks, and the code gives you an "electronic passbook" on the spot. Interest is credited to you every second, and you can even split it into 100 shares and send it to anyone on Earth with an internet connection.
That’s what RWA (Real World Assets, real-world assets) is trying to do.