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Whales, ETFs, and Coldcard
Bitcoin’s price hovered around the mid-$64,000s as large holders accumulated, with Santiment tracking whales and sharks holding 10 BTC to 10,000 BTC that have accumulated over 20,000 BTC worth $1.2 billion since July 29.
“have accumulated over 20,000 BTC, worth $1.2 billion at the ongoing market price, since July 29”
CoinDesk tied the on-chain accumulation to the Coldcard hardware wallet hack that began on July 30, saying the hacker walked away with $120 million in bitcoin.
CoinDesk also reported that U.S.-listed spot bitcoin exchange-traded funds pulled in $754.69 million in investor funds this week, putting the funds on track for their best week since April.
In parallel, CoinDesk said the ETF flows point to a tentative recovery in institutional demand, while noting that BTC’s spot price had not yet “chalk out a meaningful rally.”
The same CoinDesk piece added that the U.S. Senate is unlikely to vote on the Clarity Act this month, presenting a headwind for the institutional bid it is “widely seen” to unlock.
Daily ETF flows diverge
On Aug. 6, bloomingbit reported that U.S. spot-bitcoin ETFs recorded $128.69 million in net inflows in a single day, with BlackRock’s IBIT leading with $128.33 million.
bloomingbit said Fidelity’s FBTC and Morgan Stanley’s MSBT also posted gains, while VanEck’s HODL saw $32.77 million in net outflows and Valkyrie’s BRRR lost $9.07 million.
CryptoSlate, meanwhile, framed the broader picture through SEC filings, saying BlackRock’s spot Bitcoin and Ethereum ETFs saw a $3.5 billion net capital-share decrease in Q2 after a $13.9 billion gain a year earlier.
CryptoSlate also specified that IBIT recorded $4.3 billion of contributions for shares issued and $7.2 billion of distributions for shares redeemed during the three months ended June 30, producing a $2.9 billion net decrease.
In the same CryptoSlate account, the filings described activity that placed 106,148 BTC in rows labeled as assets sold for share redemptions, while noting the footnotes valued in-kind distributions at $3.85 billion of Bitcoin.
Institutional narrative and risk
Benzinga reported that Bitcoin ETF inflows picked up to $626 million through three sessions this week, citing Franklin Templeton executive Christopher Perkins as saying the market had been built with “zero bank liquidity.”
“We’ve developed this market to date with zero bank liquidity. Zero”
Benzinga quoted Perkins linking a shift to the CLARITY Act, saying “Clarity passes and we have federal preemption for the first time — they’re going to go pedal to the metal,” and adding that he said regulators had made capital costs too high and licensing burdens too steep.
CoinDesk had earlier described the CLARITY Act as a key unlock for a massive institutional bid, while also warning that uncertainty around the act and stagnant price action were catalysts for micro holders’ apathy.
Altcoin Buzz described the same regulatory uncertainty as a risk for broader momentum, saying the CLARITY Act still has not received a Senate vote before the U.S. Congress begins its August recess.
Across the coverage, the market’s near-term setup remained centered on ETF demand and security concerns tied to the Coldcard incident, with CoinDesk noting that the reversal had not yet lifted price meaningfully and XTB describing Bitcoin as staying within a narrow range near $64,500 on August 6.
