On-chain data hints at what’s next for Bitcoin price

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Although Bitcoin (BTC) price has remained trapped in a consolidation between $58,076 and $66,896 since early July 2026, on-chain data analyzed by Finbold on August 7 signals what is likely to come next.

Specifically, Bitcoin price is likely to rally towards $70,000 next, following renewed demand from whale investors amid the capitulation of retail holders, according to data from Santiment. Since July 29, Bitcoin holders with balances of less than 0.01 BTC have seen their holdings decline by 0.59%. 

BTC wallet holdings data. Source: Santiment

On the other hand, BTC whales, wallets with a balance of between 10 and 10,000 BTC, saw their holdings increase by 0.34% since July 29.

“With the pattern of key stakeholders accumulating and small holders dumping, the probability of over $70,000 becomes more and more probable compared to the likelihood of sub $60,000,” Santiment concluded.

The renewed demand for Bitcoin from whale investors is evident in the United States spot exchange-traded funds (ETFs). So far in August, the U.S. spot BTC ETFs have recorded a net cash inflow of approximately $754.69 million, thereby increasing their total net assets to $78.77 billion at press time.

Spot Bitcoin ETFs daily cash flow. Source: SoSoValue 

Bitcoin price outlook

Over the past 30 days, Bitcoin price has gained over 4.4%, trading at around $64,790 at the time of publication. The flagship coin saw its 24-hour average trading volume drop over 17% to $18.43 billion on Friday.

BTC price 30D chart. Source: Finbold 

From a technical analysis standpoint, Bitcoin price has likely bottomed out from its multi-month bear market, as Finbold explained. Furthermore, the BTC supply in loss recently hit an all-time high, and has historically marked the end of a macro bear market, as Finbold noted.

Consequently, Bitcoin price is well positioned to rally towards $70,000 and beyond if the whales continue to accumulate amid retail’s capitulation.

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