Bitcoin Whales Accumulate Over $4B During Recent Market Slump
Earlier this month, Bitcoin whales took advantage of the market slump, accumulating 71,000 BTC - the fastest rate since April 2023.
Much of this Bitcoin, worth $4.3 billion, was acquired during a dip to $54,200 on July 5, according to IntoTheBlock.
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
CryptoQuant highlighted this rapid accumulation, suggesting Bitcoin may be nearing a bottom. Smaller traders have been selling during the dip, but Santiment noted an increase in wallets holding at least 10 BTC, indicating long-term bullish sentiment.
#Bitcoin whales are accumulating at their fastest rate since April 2023: CryptoQuant
Dheet hodlers have accumulated 85K #Btc in the last 30 days. pic.twitter.com/UxewR8omHZ— Crypto India (@CryptooIndia) July 10, 2024
However, not all whales are holding. On July 14, a dormant whale moved 1,000 BTC worth nearly $60 million after 12 years, as reported by Whale Alert.
READ MORE: Bitcoin Whale Moves Millions After 10-Year Dormancy
Bitcoin is currently trading at $62,646, up 8.5% over the past week. The decline is attributed to anticipated sales by Mt. Gox creditors and the German government.
Despite this, Bitcoin showed signs of recovery over the weekend, breaking the $60,000 resistance and rising 6% following an assassination attempt on Donald Trump on July 13.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
