Despite recent market volatility, Bitcoin whales, entities holding substantial quantities of digital assets, have increased their holdings by $1.5 billion during the last two weeks of August. This surge in accumulation coincided with a period when inflows into centralized exchanges remained unusually low. This behavior indicates organic buying demand within cryptocurrency. Furthermore, Bitcoin whales continued to increase their holdings following a significant victory for asset manager Grayscale, when a federal appeals court ordered the SEC to reconsider its denial of Grayscale’s request to convert the $14 billion Grayscale Bitcoin Trust into a spot Bitcoin ETF.