According to Cointelegraph, when Bitcoin was in a downturn at the beginning of the month, giant whales took the opportunity to accumulate 71,000 Bitcoins. This is the fastest time that whales have accumulated Bitcoin since April 2023.
Charts from cryptocurrency analytics firm IntoTheBlock show that the majority of Bitcoin, worth about $4.3 billion at current prices, was snapped up on July 5 when Bitcoin pulled back to $54,200.
Bitcoin whales added 71K BTC to their wallets this week, as they capitalized on the recent price decrease pic.twitter.com/fBeEGUP6P8
— IntoTheBlock (@intotheblock) July 13, 2024
In contrast, smaller retail traders have been selling their positions during the price downturn, cryptocurrency analytics firm Santiment noted. In the first 10 days of July, there was a net increase of 261 in the number of wallets holding at least 10 Bitcoin.
Bitcoin whale and shark wallets are increasing in number while small traders sell off their bags during this dip period. July has seen a net increase of +261 wallets that now hold at least 10 BTC, which should give traders comfort in a long-term bullish future. pic.twitter.com/y0BwKDxNGm
— Santiment (@santimentfeed) July 11, 2024
On the other hand, data analysis firm CryptoQuant also pointed out that Bitcoin whales are now accumulating Bitcoin at the fastest rate (based on a 30-day moving average) since April 2023, when multiple U.S. banking institutions collapsed. CryptoQuant analyst Minkyu Woo believes this indicates that Bitcoin’s bottom may be close to being completed.
Bitcoin started to show signs of price recovery over the weekend, breaking through resistance at $60,000 and rising 6% since the end of trading on Friday. In addition, the shooting incident in Pennsylvania over the weekend greatly increased the possibility of US presidential candidate Trump winning the election. Due to Trump's focus and positive attitude towards the cryptocurrency industry, the price of Bitcoin also rose sharply.
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