TLDR
- Bitcoin fell to about $62,600 as spot demand weakened, according to Glassnode.
- ETF inflows and steady long-term holder activity are helping support the price.
- Whales added 19,610 BTC while small wallets cut holdings after Coldcard security concerns.
- Analyst Daan Crypto Trades says a falling wedge breakout is needed for a bigger move.
- Traders are watching $64,100 as resistance and $62,000 as key support.
Bitcoin traded near $62,600 to $63,900 this week, according to data from Glassnode and Santiment. The price drop came after weeks of weak spot demand, Glassnode said in its latest Market Pulse report.
Even as demand slowed, exchange-traded fund inflows kept a floor under the price, the firm noted. Long-term holders have not sold in large numbers, which has helped limit further declines.
At the same time, big Bitcoin wallets started buying while smaller wallets sold their coins, according to Santiment. Wallets holding between 10 and 10,000 BTC grew their balance by 0.14% since July 29.
Wallets holding less than 0.01 BTC cut their holdings by 0.55% over the same period. This split shows large holders acting differently from smaller retail investors during the pullback.
Whale Buying Follows Coldcard Security Concerns
The shift in wallet activity followed reports of a firmware flaw in Coldcard hardware wallets. Losses tied to the issue have topped 1,360 BTC, worth close to $87 million.
Santiment, the on-chain data firm, shared this on X: large players hoarded the coins that smaller investors were dumping as retail confidence eroded. The tweet pointed to a clear gap between whale and retail behavior during the sell-off.
Separate data from CryptoQuant, shared by analyst Whale Factor, showed 32,000 BTC moved onto exchanges in a single day at a loss. Whale Factor called it the largest short-term holder capitulation in 30 days.
Glassnode also recorded a drop in overall market profitability. The share of Bitcoin supply held at a profit is nearing a cyclical low.
Key Price Levels Traders Are Watching
Analyst Daan Crypto Trades wrote on X that Bitcoin has returned to the top of its trend line. He said the price is trading near its weekly 200-period moving average, a level it has struggled to hold.
He added that a bigger move higher would need a confirmed break from the falling wedge pattern Bitcoin has formed on the chart. A short spike above the trend line alone would not be enough, he said.
CoinGlass data shows a cluster of leveraged positions between $63,800 and $64,100. Bitcoin’s bounce to $63,900 already put the price inside that range.
More liquidity sits at $64,300, with smaller pockets at $64,800 and $65,000. A break above $64,100 could push the price toward those levels.
On the downside, the largest cluster of leveraged bets sits between $61,900 and $62,200, just below the most recent low.
A break above $64,100 opens the path toward $65,000. A drop below $62,000 could send Bitcoin toward the June-July low of $57,820.
The post Bitcoin (BTC) Price: Falls to $62.6K as ETF Inflows Offset Weak Spot Demand appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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