In a strategic move amidst recent market volatility, Bitcoin whales have significantly increased their holdings, accumulating approximately 71,000 Bitcoins over the past month. This surge in accumulation, amounting to around $4.3 billion at current market prices, marks the highest rate since April 2023, a period noted for significant economic upheaval in the United States.
The bulk of this acquisition occurred on July 5 when Bitcoin dipped to $54,200, as reported by cryptocurrency analytics firm IntoTheBlock. According to CryptoQuant, this accumulation trend on a 30-day moving average hasn’t been seen at such a rapid pace since the aftermath of local bank collapses in the US in 2023.
Minkyu Woo, an analyst at CryptoQuant, commented on Twitter, stating, “This suggests that the consolidation phase for #BTC may be nearing its end.”
On the contrary, smaller traders have been observed selling off their holdings during this downturn, according to Santiment, another analytics firm. Santiment noted a net increase of 261 Bitcoin wallets holding at least 10 Bitcoins over the first ten days of July, indicating resilience among larger holders amidst market fluctuations.
Notably, amidst the accumulation trend, a dormant Bitcoin whale resurfaced on July 14 after twelve years of dormancy, transferring 1,000 Bitcoin valued at nearly $60 million to two new wallets, as reported by Whale Alert.
Bitcoin, currently priced at $60,850, reflects an 8.1% decline over the past month. Market pressures, including Mt. Gox’s impending $8 billion creditor sell-off and the German government’s sale of nearly 50,000 Bitcoin worth $3 billion, have contributed significantly to this recent price volatility.
Despite these challenges, Bitcoin has shown signs of recovery over the weekend, surpassing the $60,000 resistance level and climbing 6% since trading closed on Friday. Notably, the price surged following news of US presidential candidate Donald Trump narrowly escaping an assassination attempt during a rally in Butler, Pennsylvania, on July 13.
Discussion about this post