Bitcoin Whales’ Strategic Move: $4.3 Billion BTC Accumulation During Market Dip

In a strategic move amidst recent market volatility, Bitcoin whales have significantly increased their holdings, accumulating approximately 71,000 Bitcoins over the past month. This surge in accumulation, amounting to around $4.3 billion at current market prices, marks the highest rate since April 2023, a period noted for significant economic upheaval in the United States.

The bulk of this acquisition occurred on July 5 when Bitcoin dipped to $54,200, as reported by cryptocurrency analytics firm IntoTheBlock. According to CryptoQuant, this accumulation trend on a 30-day moving average hasn’t been seen at such a rapid pace since the aftermath of local bank collapses in the US in 2023.

Source: CryptoQuant

Minkyu Woo, an analyst at CryptoQuant, commented on Twitter, stating, “This suggests that the consolidation phase for #BTC may be nearing its end.”

On the contrary, smaller traders have been observed selling off their holdings during this downturn, according to Santiment, another analytics firm. Santiment noted a net increase of 261 Bitcoin wallets holding at least 10 Bitcoins over the first ten days of July, indicating resilience among larger holders amidst market fluctuations.

Source: Santiment

Notably, amidst the accumulation trend, a dormant Bitcoin whale resurfaced on July 14 after twelve years of dormancy, transferring 1,000 Bitcoin valued at nearly $60 million to two new wallets, as reported by Whale Alert.

Bitcoin, currently priced at $60,850, reflects an 8.1% decline over the past month. Market pressures, including Mt. Gox’s impending $8 billion creditor sell-off and the German government’s sale of nearly 50,000 Bitcoin worth $3 billion, have contributed significantly to this recent price volatility.

Despite these challenges, Bitcoin has shown signs of recovery over the weekend, surpassing the $60,000 resistance level and climbing 6% since trading closed on Friday. Notably, the price surged following news of US presidential candidate Donald Trump narrowly escaping an assassination attempt during a rally in Butler, Pennsylvania, on July 13.

Also Read: German Government’s Bitcoin Wallet Shrinks to 9,094 BTC in Three Weeks