Analysis: In August, only large wallets added approximately 60,000 BTC, while small holders continued to reduce their holdings.

CryptoQuant’s report shows that between August 1 and 30, wallets holding over 100 BTC added a cumulative ~60,000 BTC, while wallets holding 1 to 100 BTC reduced their holdings by ~33,000 BTC, and wallets with less than 1 BTC cut their positions by ~14,000 BTC. Overall, large holders absorbed supply amid the market rally, while small and medium-sized holders took profits and exited on the rebound. BTC traded mainly in the $62,000–$65,000 range through mid-August, breaking out of the range on August 19. Large wallets’ buying accelerated sharply following the breakout, rather than just positioning ahead of a downturn. On August 27, BTC briefly touched $80,000, peaking at $81,500 the next day before pulling back. This rally was not purely driven by leveraged buying of dips; a key feature is BTC’s continued concentration from small wallets to large wallets. As of August 30, large wallets have not yet significantly unloaded the ~60,000 BTC they previously accumulated, so their actions can still be seen as absorbing supply during the upswing. However, this does not guarantee the $80,000 level will hold, nor can it be used to conclude BTC will end August with a monthly gain. If large wallets start selling the ~60,000 BTC they accumulated earlier while BTC stays consistently below $80,000, the earlier "absorption" assessment will be invalidated.