Bitcoin Whales Accumulation Amid Market Slump Highest Since April 2023
Bitcoin whales bought 71,000 Bitcoin during the crypto market downturn earlier this month, making it the fastest rate of accumulation since April 2023. Data from CryptoQuant highlights that Bitcoin whales are now stacking Bitcoin at the quickest pace (on a 30-day moving average) since April 2023, shortly after several U.S. banks collapsed. According to IntoTheBlock, much of this Bitcoin was acquired when Bitcoin dipped to $54,200 on July 5.
Meanwhile, smaller traders have been offloading their Bitcoin holdings during the recent dip, as reported by cryptocurrency analytics firm Santiment. Despite this, Santiment observed a net increase of 261 Bitcoin wallets holding at least 10 Bitcoin over the first 10 days of July. "This should give traders comfort in a long-term bullish future," Santiment added.
However, not all Bitcoin whales are following the same strategy. On July 14, a dormant Bitcoin whale became active after a 12-year hiatus, transferring 1,000 Bitcoin, worth nearly $60 million, to two new wallets, according to Whale Alert.
BTC is currently trading at $62,500, surging 4.7% in the past 24 hours. However, it suffered a significant drawdown in the past few weeks, which saw prices touch $54,000 on July 5. Industry experts attribute the price slump to the impending offloading of $8 billion by Mt. Gox to its creditors and the German government's plan to sell nearly 50,000 Bitcoin, valued at $3 billion. Despite these challenges, Bitcoin showed signs of recovery over the weekend, breaking the $60,000 resistance barrier and surging to $62,000. BTC experienced a sharp increase immediately after U.S. presidential candidate Donald Trump survived an assassination attempt while speaking at a rally in Pennsylvania on July 13.
