Bitcoin Whales Ingest 71K BTC In 1 Week, Price Rebound Ahead? 🚨

Bitcoin (BTC) whales are shifting narratives in the market in a move that showed embrace in the heat of the past drawdown. Over the past week, the price of Bitcoin has traded from a high of $59,270 to a low of $54,430. Within this time, BTC whales saw an advantage to bag the coin in what might prove significant in fueling a revival soon.

Bitcoin Whale Statistics

According to data insight from the crypto analytics platform IntoTheBlock (ITB), Bitcoin whales acquired 71,000 BTC over the past week. Per the insight shared by ITB, the accumulation came off with a discount as Germany’s Bitcoin selloff found the right buyers.

The data showed the whale transactions in the BTC network now comes in with a total volume of $41.32 billion. While the 24 hour rate of change in this metric has dropped by 8%, the weekly surge has remained intact. The week got overshadowed with the conversations around Bitcoin selloff by Germany.

On July 12, the government completed the sales of 50,000 BTC earlier this year. This trend triggered intense market selloff, however, whale actions helped kept price above the $53,000 support zone. The drawdown trend might have gotten worse has the whales no intervened with the subtle accumulation.

#CPI_BTC_Watch #Ethereum_ETFs_Expected_Date #SOFR_Spike $BTC