The past few days have been rough for Bitcoin (BTC) on the chart. The price dropped back to the $115,000 range after not being able to hold its August high of $123,000. But looking at Onchain Lens records, it seems someone is secretly building one of the biggest positions seen this month.
One wallet connected to FalconX inflows has been getting Bitcoin at a rate that looks more like a calculated plan than just chance. Just yesterday, it received 300 BTC, which is almost $35 million. That brings its total for the last 30 days to over 1,500 BTC, which is about $176 million.
Every few days, the address lights up again, showing another transfer, with amounts ranging from 100 to 160 BTC. It is like a faucet is being turned on at regular intervals.
Another address on the same trail is close behind. Earlier this week, it received 210 BTC, worth about $24.3 million, but that was just part of a bigger trend. In just the last 10 days, it raked in almost 467 BTC, which is about $54 million. Most of those coins came straight from FalconX.
So, is bull run unfinished?
The timing of these transfers — which are happening at the same time as prices are dropping — suggests that someone is willing to take the other side of the market when sentiment is thinning out.
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Bitcoin’s chart is not very encouraging right now, but whale behavior often follows a different timeline. While retail flows out and funding data show some nervousness, these quiet accumulations suggest that the big players either see value in the dip or have a horizon that goes beyond short-term volatility.
Either way, $172 million in new Bitcoin money going into just two accounts is hard to ignore.