Bitcoin whales swiftly acquired 71,000 Bitcoin during the recent cryptocurrency market downturn earlier this month, marking the fastest accumulation rate since April 2023. Data from CryptoQuant reveals that whales are stacking Bitcoin at an accelerated pace on a 30-day moving average, reminiscent of the aftermath of several U.S. bank collapses in April 2023. A significant portion of this accumulation occurred during Bitcoin’s dip to $54,200 on July 5.
In contrast, smaller traders have been selling off their Bitcoin holdings amidst the market turbulence, as reported by cryptocurrency analytics firm Santiment. Despite this trend, Santiment observed a net increase of 261 Bitcoin wallets holding at least 10 Bitcoin over the first 10 days of July, indicating a bullish sentiment among larger investors.
However, not all Bitcoin whales are adhering to the same strategy. On July 14, a dormant Bitcoin whale re-entered the market after a 12-year hiatus, transferring 1,000 Bitcoin—nearly $60 million—to two new wallets, according to Whale Alert.
BTC is currently trading at $62,500, marking a 4.7% surge in the past 24 hours. Despite a recent downturn that saw prices dip to $54,000 on July 5, Bitcoin exhibited signs of recovery over the weekend, surpassing the $60,000 resistance level and reaching $62,000. The market volatility was influenced by factors including the imminent distribution of $8 billion by Mt. Gox to its creditors and the German government’s plan to sell nearly 50,000 Bitcoin worth $3 billion.
Industry experts attribute Bitcoin’s resilience to recent events, including a sharp price increase following an assassination attempt on U.S. presidential candidate Donald Trump during a rally in Pennsylvania on July 13.
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