๐ Bitcoin Whales Are On the Move Again!
๐ต๏ธโโ๏ธ CryptoQuant analysts reveal that Bitcoin long-term holders are amassing BTC at their fastest monthly rate since April 2023, with a growth rate of 6.3%! ๐
๐ Key Insights:
โช๏ธDespite increased market supply from seized bitcoins by German and U.S. governments and the Mt. Gox exchange fund distribution, whale accumulation is on the rise.
โช๏ธThe growing demand from long-term holders is stabilizing Bitcoin's price, which currently ranges between $58,000 and $59,000, down from a peak of $71,000.
โช๏ธAnalysts suggest this whale activity could signal a potential bottoming of Bitcoin's price.
๐ก Market Impact:
โช๏ธ Whales are less willing to sell after experiencing losses post the $70,000 peak in early June.
โช๏ธStablecoin liquidity growth is still lagging, implying it might take longer for Bitcoin to start a new upward trend.