Bitcoin’s August advance was marked by large-holder accumulation and a later rotation that an on-chain analyst linked to shorter-term capital chasing prices higher. CryptoQuant data through Aug. 30 showed wallets holding 100 BTC or more added roughly 60,000 BTC, while wallets holding 1 to 100 BTC sold about 33,000 BTC and those holding less than 1 BTC offloaded roughly 14,000 BTC. Large-wallet buying accelerated as Bitcoin broke higher, with bigger holders absorbing supply as smaller investors exited—a pattern tied to spot ownership transfer rather than a purely leverage-driven move. Prior reporting described the rally from $62,000 to above $81,000 after an Aug. 19 breakout above a $62,000–$65,000 range, while the latest CryptoQuant framing cited a rise from $63,000 to $78,000. CryptoQuant said the absorption thesis would weaken if large wallets returned that 60,000 BTC while Bitcoin struggled below $80,000. Separately, DeFi Report founder Michael Nadeau noted that holders with a $56,000 to $66,000 cost basis became the largest ownership cohort on Aug. 18, after which nearly 2% of Bitcoin’s supply moved into higher cost-basis cohorts. Nadeau said the shift suggests some hot money bought near the lows before passing coins to investors chasing the rally, unlike the longer post-bottom accumulation seen in 2022.