According to BlockBeats, on September 1, CryptoQuant released analysis showing that from August 1 to 30, wallets holding more than 100 BTC added approximately 60,000 BTC. In the same period, wallets with 1 to 100 BTC reduced positions by about 33,000 BTC, and wallets with under 1 BTC cut roughly 14,000 BTC. This suggests large holders absorbed the supply from the rally while smaller holders took profits. Bitcoin mostly traded between $62,000 and $65,000 until mid-August, then broke out on August 19. Large wallet buying accelerated after the breakout, not just before dips. BTC hit $80,000 on August 27 and reached $81,500 on August 28 before pulling back. CryptoQuant views this as BTC consolidating from small wallets to large ones, not a purely leverage-driven movement. As of August 30, large wallets had not given back their accumulated BTC. However, the report warns this does not guarantee $80,000 support, nor does it confirm a monthly gain. If large wallets sell while BTC stays below $80,000, the absorption thesis would be contradicted.
According to BlockBeats, CryptoQuant said in a post on Sept. 1 that between Aug. 1 and Aug. 30, wallets holding more than 100 BTC accumulated around 60,000 BTC in total. Wallets holding between 1 and 100 BTC reduced by roughly 33,000 BTC, while wallets with less than 1 BTC shed about 14,000 BTC. Taken together, large holders absorbed the supply created by the market rally, while smaller holders exited with profits.
On price, BTC stayed mostly in the $62,000-$65,000 range before mid-August and broke out of that range on Aug. 19. CryptoQuant noted that large wallets' buying accelerated significantly after the breakout — not just in earlier dips. BTC touched $80,000 on Aug. 27 and rose to $81,500 the next day before pulling back.
The firm said the rally does not appear to be a simple leverage-driven chase; instead, BTC has been consistently shifting from small wallets to large wallets. As of Aug. 30, large wallets had not visibly given back the roughly 60,000 BTC they had accumulated, so the current situation can still be seen as large holders absorbing the market upswing.
Still, the report warns that this does not mean $80,000 will necessarily hold, nor does it confirm that August's monthly candlestick will close green. If large wallets begin selling the 60,000 BTC they accumulated while BTC stays below $80,000, then the previous "absorption" interpretation would be invalidated.
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