Has the market bottomed as whales continue to accumulate Bitcoin?
In recent weeks, whales have net bought up to 71,000 BTC worth $4.3 billion! This accumulation rate reached its highest level since April 2023.
According to CryptoQuant, when looking at the Coinbase Premium Gap index, we can see that financial institutions in the United States are buying Bitcoin again after a long period of selling. From a psychological perspective, BTC price reflects that investors have ended the period of fear and depression.
CryptoQuant experts also said that the bottom of this correction has been created and it is expected that BTC will increase in price again in the near future. In contrast to whales, retail traders tend to sell during the recent price break.
However, Santiment noted that the number of wallets with at least 10 Bitcoin is still increasing steadily. Specifically, there was an increase of 261 wallets in the first 10 days of July 2024. Overall, all recent on-chain signals are pointing to long-term confidence in Bitcoin.
