While Bitcoin (BTC) is under increasing selling pressure, large-scale investors or “whales” are taking advantage of the situation. Over the last six weeks, wallets holding over 10,000 BTC have accumulated record levels, increasing their holdings to the highest level in the last six years. This trend shows whales' confidence in Bitcoin's long-term potential.
Sharp Increase in Whale BTC Accumulation
According to data from on-chain analysis firm Santiment, Bitcoin whales have significantly increased their holdings despite price fluctuations. Major wallet addresses, especially those used by exchange liquidity providers, have accumulated 212,450 BTC in the last six weeks, bringing their total reserves to levels not seen in the last five years. This behavior suggests that despite selling pressure from Bitcoin miners, large investors are strategically absorbing the available supply.
Small Whales Also Join the Accumulation Trend
Interestingly, savings are not limited to wallets with large amounts. Small whale groups, especially those holding over 10 BTC, are also actively increasing their assets. According to current Santiment data, these small wallets hold a total of 16.17 million BTC, revealing strong confidence in Bitcoin's future potential. This two-pronged approach of both big and small whales creates a solid foundation for Bitcoin's long-term market stability.
Despite increased selling pressure on July 5, Bitcoin's price showed signs of recovery, with the cryptocurrency recording a 4.5% increase from $53,500 to $56,500. This rise was supported by significant inflows into spot Bitcoin ETFs, especially on the last trading day of the week of July 5. The $143 million inflow, driven by big players like Fidelity, shows growing institutional interest. This adds optimism to Bitcoin's market outlook, revealing that institutional investors consider price declines as a strategic buying opportunity.
Inflows into spot Bitcoin ETFs mark a critical development as they reflect institutional confidence in Bitcoin's value proposition. These inflows could trigger further market recovery by providing a buffer against ongoing selling pressures in the market. The participation of heavyweight institutional investors can stabilize the market, reducing volatility and creating a more conducive environment for gradual price growth.
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