Bitcoin held above $64,000 as major miners moved hundreds of BTC toward a platform used for institutional trading and custody. At the same time, large wallets and spot Bitcoin ETFs showed stronger buying demand.
Lookonchain data showed MARA deposited 200 BTC to NYDIG on Thursday evening. Riot Platforms deposited another 381 BTC, worth about $24.5 million, around the same time. The transfers came as MARA continued to hold more than $2.3 billion in Bitcoin after reporting more than $600 million in second-quarter losses. Exchange-related deposits can increase available supply if miners sell.
The activity followed reports that Bitcoin miners disposed of a record 32,000 BTC during the first quarter of 2026. That period also brought a sharp decline in network hash rate. Meanwhile, smaller miners have faced deeper strain during the prolonged bear market. Poolin filed for Chapter 11 protection in New Jersey and sought approval for a $52 million sale of Texas mining properties.
Santiment data showed wallets holding between 10 and 10,000 BTC accumulated more than 20,000 BTC since July 29. At current prices, that amount equals roughly $1.2 billion. By contrast, smaller holders continued to reduce Bitcoin exposure, according to Santiment. The firm said this divergence improved the odds of Bitcoin trading above $70,000 and reduced downside risk below $60,000.\
The contrast raises one pivotal question: can growing whale demand absorb sustained selling from miners while Bitcoin remains below a decisive breakout level?
Analysts linked recent price weakness to uncertainty around the CLARITY Act, limited directional movement, and the Coldcard hardware wallet hack. The theft involved about $120 million worth of Bitcoin.
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SoSoValue data showed US spot Bitcoin ETFs recorded $754.69 million in net inflows this week. That pace put the products on track for their strongest week since April. Demand returned after a difficult June, when the funds recorded their worst month since launch. Nexo analyst Liya Kalchev said ETF-related volumes offered an early sign of renewed institutional demand.
Spot Bitcoin ETFs also received more than $240 million on Wednesday. Kalchev added that the products had attracted more than half a billion dollars during August.
Still, Bitcoin lacked a decisive upside breakout. Kalchev said the current bid appeared tactical rather than conviction-driven, while a clear move above $65,000 remained important. Technical indicators suggested a larger rally could develop if Bitcoin cleared resistance. Regulatory developments also remained central as markets watched the CLARITY Act, which appeared unlikely to pass the Senate this month.
Bitcoin faces competing forces near $65,000. MARA and Riot increased exchange-related transfers, while whales accumulated more than 20,000 BTC and ETF inflows strengthened. Market attention now remains on whether institutional demand can absorb miner supply while Bitcoin tests resistance and investors await regulatory developments.