Bitcoin Whales Bought the Dip - Now They're Doubling Down on the Rally

Bitcoin touched about $87,000 earlier this week for the first time since January, then pulled back and stabilized near $84,000, as “smart money” continued adding to positions. Data cited from Santiment shows whale wallets holding between 100 and 1,000 BTC added 113,950 units since July 15, lifting total holdings to roughly 5.24 million and suggesting accumulation that has historically aligned with stronger Bitcoin moves. The article also points to technical progress: Bitcoin moving back above its 365-day moving average near $80,500 and clearing a heavy supply zone between $76,000 and $81,000. Investors are watching $88,000–$90,000 next, where additional BTC supply is concentrated. Still, not all analysts view it as broad risk-on, with comments from Trace Finance co-founder Bernardo Brites noting that ETF inflows and short squeezes may be key, and warning that the rally’s strength could depend on ongoing demand.