Bitcoin Whales Accumulating at Faster Rate Since April 2023

“Bitcoin whales have been increasing their holdings at a monthly growth rate of 6.3%, the fastest pace since April 2023, indicating growing demand for Bitcoin,” CryptyQuant said.

The analytics firm's Wednesday market report noted that increased demand for bitcoin from long-term holders is supporting the price of the digital asset.

This comes despite the cryptocurrency facing a surge in supply coming to the market that originated from seized bitcoins held by the governments of Germany and the United States, along with the distribution of funds from the defunct bitcoin exchange Mt. Gox.

The report highlighted charts indicating that as the price of bitcoin fell from a high of $71,000 to its current range between $58,000 and $59,000, the rate of whale accumulation has increased.

Analysts said long-term holders made strong gains when prices hit a high of $70,000 in early June.

However, they have since experienced some losses and are less willing to sell. "This could be an early sign that the Bitcoin price has bottomed," they added.

However, the CryptoQuant report said that Bitcoin prices may take a little longer to bottom out and begin a new bullish leg as stablecoin liquidity growth is not yet in full swing.

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