Data from crypto analytics firm IntoTheBlock shows addresses holding at least 0.1% of the bitcoin supply, worth more than $500 million, amassed a total of $1.5 billion in BTC in the last two weeks of August.
Lucas Outumuro, director of research at IntoTheBlock, wrote in a report that the increase occurred at a time when inflows to centralized exchanges were close to zero, suggesting that there was organic buying demand and not just funds moving to exchange addresses.
The data shows that whales increased their holdings for the first time after August 17, when BTC plummeted more than 10% to below $26,000, the lowest price since June.