A super-large wallet holding more than 10,000 bitcoin is showing the fastest accumulation pace this summer, blockchain media outlet CryptoPolitan reported on Sunday.

Over the past two months, these wallets bought a net 46,420 BTC, the highest level since March 15.

The buying came as bitcoin neared $65,000. Wallets holding more than 10,000 BTC are typically classified as a group that includes institutions, spot exchange-traded funds (ETFs) and large whales. The group also exceeded the net accumulation of 23,238 BTC recorded in March.

Across the broader market, buying has not spread widely. In July and August, the only group showing net accumulation was effectively wallets holding more than 10,000 BTC, while other wallet groups continued to tilt toward net selling.

Retail investor flows moved in the opposite direction. Small wallets holding 0.1 BTC to 1 BTC cut a net 9,700 BTC. This range is typically a highly volatile group that often shifts between accumulation and selling, but in August it moved to reduce exposure. Super-large wallets, by contrast, are creating spot demand, making large-whale orders more prominent than those from small investors in the current market.

Even so, this trend alone makes it difficult to conclude that bitcoin has entered a full-fledged accumulation phase. Spot demand for bitcoin is weakening overall, and there is a view that a prolonged period of sideways trading is not enough to draw additional buying. The outlet said the current price action and extended consolidation are not sufficient to support buying. It implies whales are also wary of the possibility of further declines.

A regional shift in demand is also a key point to watch. On-chain data and exchange flows show signs that bitcoin buying is moving from the United States to other regions. The Coinbase Premium Index remained in negative territory, signaling weak U.S.-based demand. Instead, bitcoin buying may shift to Asia and other global exchanges.

On Binance, the change showed up in stablecoin liquidity. Stablecoin funds are flowing in on a daily basis on Binance. Tron-based USDT saw outflows of more than $700 million, while Ethereum-based stablecoins are filling the gap. Some of those funds could be allocated to bitcoin. The outlet said this liquidity structure does not guarantee a bitcoin rally, but it could change premiums and liquidity depth and drive regional surges in trading.

Demand through corporate treasury strategies also remains. As of Sunday, the market is watching whether Strategy will break its selling trend and resume bitcoin purchases. Whether it restarts could be read as a signal of a shift in investor sentiment. H100 Group also announced on Monday that it bought 2,455.37 BTC. The move showed demand to build bitcoin as a treasury asset remains valid and can serve as a long-term, buy-and-hold base.

Market sentiment has not clearly turned. Bitcoin sentiment stayed in the fear zone for most of the past three months, and the sideways market is also delaying confirmation of a price bottom. Accumulation by super-large wallets and shifts in stablecoin liquidity on exchanges are emerging, but there is an assessment that it is too early to say the force moving the market has shifted into strong-conviction buying.