Bitcoin whales took full advantage of the crypto market slump earlier this month, accumulating 71,000 Bitcoin amid the fastest rate of Bitcoin stacking since April 2023. 

Much of that Bitcoin — worth $4.3 billion at current prices — was scooped up when Bitcoin retraced to $54,200 on July 5, a chart from cryptocurrency analytics firm IntoTheBlock shows.

CryptoQuant notes that Bitcoin whales have now been stacking Bitcoin at the fastest rate (on a 30-day moving average) since April 2023, shortly after several local banks in the US collapsed.

“This suggests that the bottoming out of #BTC may be nearly complete,” CryptoQuant analyst Minkyu Woo added in a separate X post.

Meanwhile, smaller traders have been selling off their bags during the current dip, noted cryptocurrency analytics firm Santiment.

Santiment also observed a 261 net increase in the number of Bitcoin wallets holding at least 10 Bitcoin over the first 10 days of July.

“[This] should give traders comfort in a long-term bullish future.”

It appears not all Bitcoin whales are planning to stack and hodl (hold on for dear life), though.

One dormant Bitcoin whale woke up on July 14 after a 12-year hiatus, transferring 1,000 Bitcoin worth nearly $60 million to two new wallets, according to Whale Alert.

Bitcoin is currently trading at $60,850, down 8.1% over the last month.

Mt. Gox preparing to offload $8 billion to its creditors and the German government selling nearly 50,000 Bitcoin — worth $3 billion — have largely fueled the price slump, industry pundits say.

However, Bitcoin started showing signs of a price recovery over the weekend, breaking the $60,000 resistance barrier and increasing 6% since trading hours closed on Friday.

This included a sharp increase immediately after US presidential candidate Donald Trump survived an assassination attempt while speaking on stage at a rally in Butler, Pennsylvania, on July 13.

Source : Cointelegraph - Jul 15, 2024