Bitcoin breaks $62,000 as whales stack $16.7B

Bitcoin pushed above $62,000 for the first time in two weeks, driven by a wave of whale accumulation that on-chain data pegs at $16.7 billion over the past seven days. The buying came from wallets holding at least 1,000 BTC, a cohort that has been steadily adding since the price dipped below $58,000 earlier this month.

The move higher happened even as spot Bitcoin ETFs continued to bleed. Net outflows from the U.S. fund complex totaled roughly $1.2 billion this week alone, extending a streak that began in early June. The divergence between whale wallets and ETF flows is the kind of signal traders watch closely. One group is buying physical coins; the other is selling paper exposure. Which one wins usually depends on the next catalyst.

For now, the $62,000 level has held as support after an initial test. The next resistance zone sits near $64,000, a level that has capped rallies twice in the past three weeks. A clean break above that would open a run at the $66,000 area, where the 200-day moving average currently sits. On the downside, a drop back below $60,000 would put the recent accumulation thesis under pressure, especially if ETF outflows accelerate further.

The setup confirms if Bitcoin holds above $62,000 and whale wallets keep growing. A reversal in either signal would weaken the case before the next major data point. The weekly ETF flow report due Friday will show whether institutional selling is slowing or accelerating. For a full overview of Bitcoin's on-chain metrics, see the Bitcoin (BTC) profile.