Bitcoin reclaims $65K as ETFs and whales buy $2B

Bitcoin climbed above $65,000 this week, reaching as high as $65,212 after U.S. spot Bitcoin ETFs and large on‑chain wallets purchased roughly $2 billion over the period.

Market data indicate about $191.6 million in liquidations affected more than 80,000 traders during the same span.

U.S.-listed spot Bitcoin ETFs recorded roughly $754.7 million of inflows for the week, the largest weekly intake since April.

Wallets holding between 10 and 10,000 BTC added more than 20,000 BTC since July 29, a volume worth about $1.2 billion at recent prices.

A security flaw tied to Coldcard devices, reported around July 30, led owners of potentially affected hardware wallets to move long‑dormant coins into new addresses. Analytics recorded about 119,000 BTC that had been held for at least a year moved in the three days after the incident; only a small portion of those coins reached exchange addresses.

Weekly net realized losses for Bitcoin were near negative $368 million, below the roughly $2 billion in losses recorded in February and about $1.2 billion in June.

Andre Dragosch, head of research at Bitwise Europe, noted, “Bitcoin’s muted reaction to negative developments has pushed its sensitivity to bad news close to historical lows.”

Options markets showed upside implied volatility around 23%, a recent low, while demand for downside protection remained subdued.

CME futures data indicated leveraged funds were heavily net short. Asset managers stayed net long but with exposure reduced from earlier peaks and below the 50‑week average. Open interest and the number of reporting traders were near or below typical levels.

On‑chain indicators showed many coins moved after the hardware‑wallet issue were secured into new addresses rather than sent to exchanges. ETF inflows and accumulation by larger wallets coincided with smaller wallets reducing balances.

Regulatory developments this week included another delay to the CLARITY Act.

Over the week, spot ETF demand, accumulation by larger wallets and limited transfers to exchanges coincided with the price recovery above $65,000.