Bitcoin Whales Accumulate Amid Market Downturn as Price Shows Signs of Recovery
Bitcoin whales seized the opportunity presented by the recent crypto market downturn, amassing 71,000 Bitcoin during the most rapid accumulation rate since April 2023.
This significant acquisition, valued at $4.3 billion at current prices, occurred when Bitcoin dipped to $54,200 on July 5, as reported by cryptocurrency analytics firm IntoTheBlock.
CryptoQuant highlighted that Bitcoin whales are currently accumulating Bitcoin at the fastest pace (on a 30-day moving average) since April 2023, a period marked by the collapse of several local banks in the US.
“This indicates that the bottoming out of #BTC may be nearing completion,” stated CryptoQuant analyst Minkyu Woo in a separate post on X.
In contrast, smaller traders have been offloading their holdings amid the recent dip, according to cryptocurrency analytics firm Santiment.
Santiment also noted a net increase of 261 Bitcoin wallets holding at least 10 Bitcoin during the first 10 days of July.
“This should provide traders with confidence in a long-term bullish outlook.”
However, not all Bitcoin whales are adhering to a stack-and-hold strategy.
On July 14, a dormant Bitcoin whale resurfaced after a 12-year hiatus, transferring 1,000 Bitcoin, worth nearly $60 million, to two new wallets, according to Whale Alert.
Currently, Bitcoin is trading at $60,850, reflecting an 8.1% decline over the past month.
Industry experts attribute the price slump to factors including Mt. Gox’s preparations to offload $8 billion to its creditors and the German government’s sale of nearly 50,000 Bitcoin, valued at $3 billion.
Despite this, Bitcoin showed signs of recovery over the weekend, breaking the $60,000 resistance barrier and increasing by 6% since the close of trading on Friday.
This surge included a sharp rise following an attempted assassination of US presidential candidate Donald Trump during a rally in Butler, Pennsylvania, on July 13.
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