- This amount of Bitcoin hasn’t been amassed by Bitcoin whales in a 30-day period since April 2023, just after a number of small US banks failed.
During the month-long decline in the cryptocurrency market, Bitcoin whales profited greatly, amassing 71,000 Bitcoin at the quickest rate of stacking since April 2023.
A significant portion of the $62,596 that Bitcoin (BTC) is currently trading at was taken advantage of when the cryptocurrency fell down to $54,200 on July 5, according to a graphic provided by IntoTheBlock, a service that analyzes cryptocurrency markets.
CryptoQuant reports that since April 2023, not long after a number of US local banks failed, Bitcoin whales have been amassing cryptocurrency at the fastest rate (based on a 30-day moving average).
In a different X post, CryptoQuant analyst Minkyu Woo suggested that the #BTC market might be close to bottoming out.
Smaller traders, meanwhile, have been liquidating their holdings with the recent decline, according to cryptocurrency analytics company Santiment.
During the first ten days of July, Santiment also saw a 261 net rise in the number of Bitcoin wallets holding at least 10 Bitcoin.
In the long run, this should reassure traders about the future.
However, it doesn’t seem like all Bitcoin whales want to stack and hodl—that is, hang on for dear life.
On July 14, a dormant Bitcoin whale that had been sleeping for 12 years returned to life and transferred 1,000 Bitcoin, or around $60 million, to two new wallets, according to Whale Alert.
According to industry analysts, the sale of almost 50,000 Bitcoin by the German government, which is valued at $3 billion, and Mt. Gox’s impending $8 billion repayment to its creditors are the main causes of the current price decline.
But during the weekend, Bitcoin began to show signs of life, rising 6% since Friday’s closing of trading and breaking through the $60,000 resistance level.
This included a dramatic spike that occurred right after US presidential candidate Donald Trump, on July 13, avoided being killed while giving a speech at a rally in Butler, Pennsylvania.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
