Bitcoin fell 3% over the past 24 hours and briefly touched the $63,000 level after showing strength earlier in the day. Even as the price moved lower, on-chain data suggests that larger holders continued adding to their positions during the pullback, a dynamic that often draws attention because it can affect how much supply remains readily available on exchanges.

Santiment reported that wallets holding between 10 and 10,000 BTC accumulated 19,696 BTC over the past eight days. By contrast, smaller wallets holding less than 0.01 BTC showed weaker buying activity. The divergence points to slower retail participation while larger investors remain active.

Bitcoin’s key stakeholders are accumulating. Wallets holding 10 to 10K BTC added 19,696 BTC in just the past 8 days.

Micro retail demand is cooling. Sub-0.01 BTC wallets are showing less dip-buying urgency, which often means late retail noise is fading. This… pic.twitter.com/Vr8XyLuNfK — Santiment Intelligence (@SantimentData) July 27, 2026

Bitcoin Pullback Meets Whale Accumulation

The latest decline has not prevented large holders from building positions. Santiment described the setup as constructive, saying supply appears to be shifting toward stronger holders.

Bitcoin exchange-traded funds also recorded more than $222 million in inflows during July. Those inflows arrived while prices remained under pressure, adding to evidence that some investors continue to see value at current levels and that demand has not disappeared during the pullback.

Swissblock said Bitcoin is still in a consolidation phase it calls a “Bullish Transition.” The firm said a previous transition lasted 40 days before a recovery started, while the current phase has lasted about 30 days.

The market, Swissblock said, needs to preserve its bottom signal before a stronger recovery can develop. The firm added that such periods often flush out short-term traders and test demand before prices move higher.

Exchange Supply Continues to Fall

Bitcoin held on exchanges has declined by about 78,000 BTC over the past six months, falling from 2.783 million BTC to 2.705 million BTC. That total is now close to the lowest level of the current cycle.

CryptoQuant said investors usually send coins to exchanges during capitulation, but the opposite has happened here: holders have continued moving Bitcoin into self-custody. That pattern indicates long-term holding rather than broad selling, and it also helps explain why exchange balances remain an important metric to watch when volatility picks up.

BSCN also reported that two large wallets withdrew 6,765 BTC from Binance on Monday. The coins were worth about $441.34 million, and both transfers occurred within the same hour.

Massive Bitcoin Exodus From Binance… Two newly identified institutional-scale wallets withdrew 6,765 $BTC from Binance in a coordinated move valued at $441.34M. The transactions occurred within the last hour, signaling a significant migration of spot liquidity from… pic.twitter.com/dVm42TuZDj — BSCN (@BSCNews) July 27, 2026

The withdrawals moved spot liquidity from Binance into private storage. Lower exchange supply could support stronger price moves if demand increases. However, a sustained rise in the seven-day netflow average could indicate renewed selling pressure and increase the risk of a move toward $58,000.