Bitcoin’s large holders have bought 66,700 BTC over the past 60 days, entering their biggest accumulation phase in five months. With bitcoin retesting $65,000, the moves of large and mid-sized wallets are diverging clearly.

On July 20 local time, blockchain media outlet U.Today reported that CryptoQuant on-chain data showed wallets holding 1,000 to 10,000 BTC shifted to net buying over the past two months. The cumulative accumulation in that range totals about 66,700 BTC. The outlet said this marks the strongest level of whale bitcoin buying in the past two months and the highest accumulation level since February.

Over the same period, wallets holding 100 to 1,000 BTC sold bitcoin at a rapid pace. Their net selling was tallied at about 77,800 BTC. U.Today said mid-sized holders are selling at one of the fastest paces in recent months.

The market is watching this wallet-by-wallet split. That is because wallets holding 100 to 1,000 BTC had accumulated more than 92,000 BTC through late April. Actors that had been buying until just a few months ago have recently shifted to a selling bias.

Bitcoin’s current price action lacks a clear direction. The outlet also explained that as market volatility continues, price moves are mixed. In this situation, large holders are increasing accumulation while mid-sized holders are taking profits or adopting a conservative stance.

In terms of the supply and demand structure alone, it is far from a picture of one-sided selling flooding the market. The key point is that bitcoin is changing hands among holders rather than newly being released outside the market. The outlet said large whales are absorbing a substantial portion of supply that comes to market, and noted that this flow suggests selling pressure in the bitcoin market could ease.

The data focus on who is buying and who is selling rather than on the price itself. That is because it confirms both that whale accumulation rose to its highest level since February as bitcoin retests $65,000, and that mid-sized wallets showed their fastest contraction in months.

The point to watch is whether this diverging supply and demand continues. If large-wallet accumulation holds and mid-sized wallet selling slows, the burden of circulating supply in the market could ease. If mid-sized wallet selling grows, the current handover structure could still shift in another direction.