巨鲸们在比特币价格达到 63 万至 65 万美元时大量囤积，而散户则纷纷离场。

Large Bitcoin holders are quietly building positions while smaller investors retreat, according to fresh on-chain data that points to a growing divergence in market behaviour around the $63,000 to $65,000 price range.

Whales Accumulate as Retail Exits

Blockchain analytics firm Santiment reports that wallets holding between 10 and 10,000 $ BTC added roughly 19,610 coins since July 29, a 0.34% increase in holdings concentrated squarely in the $63K to $65K band. At the same time, micro holders carrying less than 0.01 $BTC shed 0.59% of their balances over the same window, their sharpest decline since December 2024. Santiment noted the accumulation spans the broader 10 to 10,000 $BTC wallet cohort, suggesting larger market participants have been absorbing coins as retail confidence weakened.

Whales often accumulate before the final low. Their larger capital base allows them to tolerate drawdowns that would force smaller investors to exit. That dynamic appears to be playing out now, with CryptoQuant analyst Axel Adler Jr. noting the Adaptive Sell-side Risk Ratio fell to 0.031, placing the metric in the third percentile of the current halving cycle , a level that historically signals limited willingness to sell.

Three Headwinds Weighing on Sentiment

Santiment ties the retail flight to three overlapping pressures. First, the Coldcard hardware wallet exploit. A flaw in popular hardware wallet maker Coinkite's Coldcard allowed attackers to recreate wallet recovery phrases and steal bitcoin from what users believed were securely self-custodied wallets. Total losses across multiple attack waves beginning July 30, 2026 reached roughly 1,367 $BTC (about $89 million) from 4,585 addresses, according to Galaxy Research. The security incident triggered more than direct financial losses, as fear spread quickly across the market, raising concerns about self-custody even among users who were not directly affected.

Second, legislative uncertainty. Analysts continue to point to the fate of the CLARITY Act as an immediate catalyst, with the Senate holding a three-day window before its August 10 recess and the implied probability of passage by year end having fallen to 23% from around 75% in mid-May.

Third, price stagnation. Increasing network activity is often said to support valuations for Bitcoin, yet so far the token has neither rallied nor dropped significantly and remains boxed in the recent range of $62,000 to $65,000. That sideways drift has eroded short-term conviction among smaller holders.

Despite the uncertainty, Santiment argues the whale-accumulation pattern makes a move to $70,000 and beyond more probable than a slide below $60,000. Historically, the pattern of large holders accumulating while smaller traders reduce exposure has often preceded periods of market cap growth, with the firm concluding there is a higher-than-usual probability that the overall crypto market could continue to expand in the near term.

来源：
Coinpedia：Coldcard 安全恐慌后，散户抛售，比特币巨鲸买入 19,610 枚比特币
CoinDesk：Coldcard漏洞再次引发比特币自保之争
Crypto News Flash: Bitcoin Whales Accumulate as Retail Investors Cut Exposure