Insight into Bitcoin Whales’ Activity Amid Market Slump

Bitcoin whales have recently been actively accumulating Bitcoin despite the market turbulence, showcasing a level of accumulation unseen since April 2023, a period marked by local bank collapses in the United States.

• A significant 71,000 Bitcoin were amassed during this period, valued at $4.3 billion at current prices.
• The bulk of these acquisitions occurred when Bitcoin dipped to $54,200 on July 5, as indicated by data from IntoTheBlock.
• CryptoQuant data highlights the notable increase in Bitcoin stacking among whales, a trend not seen since the aftermath of the US bank failures in 2023.

This surge in whale activity has led analysts to believe that Bitcoin may soon reach a turning point, with CryptoQuant’s Minkyu Woo hinting at a potential bottoming-out phase.

While whales are active in accumulation, smaller traders have been offloading their holdings during the market dip, suggesting a divergence in strategies.

Noteworthy observations from Santiment include a substantial increase in the number of wallets holding at least 10 Bitcoin during the first 10 days of July, hinting at a positive long-term outlook for Bitcoin.

In a surprising turn of events, a dormant whale resurfaced after 12 years, moving 1,000 Bitcoin valued at $60 million to new wallets.

Despite market challenges fueled by events like Mt. Gox’s planned $8 billion payout to creditors and the German government’s sale of 50,000 Bitcoin, Bitcoin’s recent price recovery signals optimism in the market.

The cryptocurrency recently broke the $60,000 resistance level and saw a 6% increase post the survivance of an assassination attempt on US presidential candidate Donald Trump at a rally in Pennsylvania.