**Bitcoin Whales Make Waves Amid Market Slump**

Bitcoin whales have been busy during the recent crypto market dip, accumulating a whopping 71,000 BTC, valued at $4.3 billion. This marks the fastest rate of Bitcoin stacking since April 2023, according to IntoTheBlock. The buying spree occurred as Bitcoin retraced to $54,200 on July 5.

CryptoQuant highlights that this rapid accumulation suggests Bitcoin may be nearing a bottom. Smaller traders, however, have been offloading their holdings during the dip. Santiment reports a net increase of 261 wallets holding at least 10 BTC in early July, hinting at long-term bullish sentiment.

Interestingly, not all whales are holding steady. A dormant whale moved 1,000 BTC worth nearly $60 million after 12 years of inactivity. Bitcoin's price, currently at $60,850, has seen an 8.1% drop over the past month but showed signs of recovery over the weekend, breaking the $60,000 resistance and rising 6%.

Market analysts attribute the recent price slump to Mt. Gox preparing to offload $8 billion to creditors and the German government selling nearly 50,000 BTC. However, Bitcoin's resilience continues to intrigue traders and analysts alike.