Bitcoin whales took advantage of the recent market downturn, accumulating 71,000 BTC worth $4.3 billion at current prices. This accumulation marks the fastest rate of Bitcoin stacking since April 2023, according to data from cryptocurrency analytics firm IntoTheBlock.
Record-Breaking Accumulation
Earlier this month, Bitcoin whales significantly increased their holdings, purchasing large amounts of Bitcoin when prices dipped to $54,200 on July 5. CryptoQuant reports that this 30-day moving average of Bitcoin accumulation by whales is the highest since April 2023, a period following the collapse of several local banks in the United States.
CryptoQuant analyst Minkyu Woo noted that this surge in whale activity suggests that Bitcoin might be nearing its bottom. “This suggests that the bottoming out of #BTC may be nearly complete,” Woo shared in a post on X.
Divergent Behavior Among Traders
While whales are accumulating, smaller traders have been selling off their Bitcoin holdings during the current dip. Cryptocurrency analytics firm Santiment observed a net increase of 261 Bitcoin wallets holding at least 10 BTC in the first 10 days of July. This uptick indicates a long-term bullish sentiment among larger investors.
Despite the general trend of accumulation, not all whales are holding their assets. On July 14, a dormant Bitcoin whale transferred 1,000 BTC, worth nearly $60 million, to two new wallets after a 12-year hiatus, as reported by Whale Alert.
Market Conditions and Influences
Bitcoin is currently trading at $60,850, down 8.1% over the past month. The price slump has been influenced by several factors, including Mt. Gox’s preparations to offload $8 billion to its creditors and the German government selling nearly 50,000 BTC worth $3 billion.
Despite these bearish pressures, Bitcoin showed signs of recovery over the weekend, breaking the $60,000 resistance barrier and increasing by 6% since the close of trading on Friday. This recovery included a sharp price increase following news that U.S. presidential candidate Donald Trump survived an assassination attempt at a rally in Butler, Pennsylvania, on July 13.
