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Making full use of the latest crypto market downturn, Bitcoin whales amassed 71,000 Bitcoin at the quickest pace of Bitcoin stacking since April 2023. Based to bitcoin analytics company IntoTheBlock, this accumulation—worth $4.3 billion at current prices—occurred when Bitcoin dropped down to $54,200 on July 5.
Whale Activity and Market Opinion
Shortly after several US local banks failed in April 2023, CryptoQuant observes that Bitcoin whales have been piling coins at the quickest pace on a 30-day moving average. “This suggests that the bottoming out of #BTC may be nearly complete” said cryptoQuant analyst Minkyu Woo in a recent post on X (previously Twitter).
Concurrent with this, smaller traders have been selling off their holdings during the current downturn, claims bitcoin analytics company Santiment. Over the first ten days of July, the company saw a net rise of 261 Bitcoin wallets carrying at least 10 Bitcoin, suggesting long-term positive attitude among certain traders. ” [This] should give traders comfort in a long-term bullish future,” Santiment said.
Dormant Whale Activity and Market Impact
Though whales are accumulating, not all of them want to hang their possessions. Whale Alert reports that a dormant Bitcoin whale, idle for 12 years, moved 1,000 Bitcoin valued about $60 million to two fresh wallets on July 14.
Down 8.1% over the last month, Bitcoin is trading at $62,752 now. The price drop has been ascribed to things like Mt. Gox getting ready to dump $8 billion to its creditors and the German government selling about 50,000 Bitcoin valued $3 billion.
Signs of Recovery and Market Events
But during the weekend, Bitcoin showed indications of recovery, surpassing the $60,000 barrier and rising 6% since Friday’s closing of trading hours. This sudden rise matched US presidential candidate Donald Trump’s survival of an assassination attempt at a July 13 event in Butler, Pennsylvania.
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