Bitcoin sees strong accumulation despite BTC price pullback

• Bitcoin price is near $115,300 after bouncing off lows of $114k.
• Despite sharp declines this past week, BTC is seeing robust accumulation.
• Onchain data suggests aggressive whale buying.

Bitcoin (BTC) price hovers around $115,300 in early trading on August 19, 2025, but despite the pullback that includes a dip to lows of $114k, the benchmark digital asset is witnessing robust accumulation.

While on-chain data suggests whales are aggressively buying, technical analyses signal bullish support above the psychological $110k.

Notably, BTC price reached its all-time peak above $124k on Aug. 14.

Whales scoop Bitcoin on the cheap

As noted, on-chain data shows bulls have used the sharp price decline in the past few days to buy Bitcoin.

The overall trend, as analysts from CryptoQuant show, is that accumulation is on the up.

Crypto analyst Axel Adler Jr notes in a post on X that there’s been a significant shift in Bitcoin’s exchange netflow.

Per the CryptoQuant on-chain and macro analyst, the 30-day moving average of net outflow has jumped from -1.7K to -3.4k Bitcoin per day, which suggests that coins are exiting centralised exchanges at an accelerated rate compared to sales.

This accumulation, against a backdrop of Bitcoin’s price drop to lows of $114k, speaks to bulls’ strong long-term conviction.

In any case, a divergence between net outflows and price decline has historically pointed to a bullish reversal.

“Against the backdrop of price decline, we see strengthening net outflow: the Exchange Netflow-30D moving average became more negative from -1.7K to -3.4K BTC/day. This means coins on CEX exchanges are being bought faster than they are being sold. Such a shift in a falling market is a bullish divergence, where participants are using the drawdown to buy back coins,” Adler Jr. said.

Santiment’s onchain analytics also point to this trend. Notably, top whales and sharks have continued to accumulate even amid the mild dip.

🐳🦈 Bitcoin’s key whales & sharks are continuing to accumulate after the mild dip from last week’s all-time high. With prices -6.22% since August 13th, wallets with 10-10K $BTC have accumulated 20,061 more coins.

When we zoom out, this same group of key stakeholders has added… pic.twitter.com/v6YNvyRk50

— Santiment (@santimentfeed) August 18, 2025

With BTC prices dropping more than 6% since its peak, wallets within the 10-10K range have scooped more than 20,061 BTC.

“When we zoom out, this same group of key stakeholders has added 225,320 Bitcoin going back to March 22nd. There has been notable correlation between this group’s holdings and the direction of future price movement for the majority of the past five years,” Santiment noted.

What’s the Bitcoin price outlook?

Bitcoin’s price technical picture shows BTC lies within the broad range of support at $112k and resistance at $120k.

Although panic selling in recent weeks has some holders in a downbeat mood, CryptoQuant says they may be dumping at a loss.

“This loss-selling event becomes a critical barometer of market health. If absorbed quickly, it could mirror past resets that fueled strong rebounds. If not, it risks signalling a momentum breakdown,” noted crypto analyst Kerem.

With on-chain data indicating strong accumulation and technical indicators supporting a bullish outlook, BTC remains largely bullish.