Bitcoin Whales Accumulation Amid Market Slump Highest Since April 2023

Bitcoin Whales Accumulation Reaches Highest Level Since April 2023 Amid Market Crash

Bitcoin whales bought 71,000 Bitcoins during the crypto market crash earlier this month, marking the fastest rate of accumulation since April 2023. Data from CryptoQuant highlights that Bitcoin whales are now accumulating Bitcoin at the fastest pace (on a 30-day moving average) since April 2023, shortly after several U.S. banks collapsed. According to IntoTheBlock, most of this Bitcoin was acquired when Bitcoin crashed to $54,200 on July 5.

Meanwhile, smaller investors have been shedding their Bitcoin holdings during the recent decline, crypto analytics firm Santiment reported. Despite this, Santiment saw a net increase of 261 Bitcoin wallets holding at least 10 Bitcoins in the first 10 days of July. “This should provide investors with comfort in the long-term bullish future,” Santiment added.

However, not all Bitcoin whales follow the same strategy. On July 14, a dormant Bitcoin whale became active after a 12-year hiatus and transferred 1,000 Bitcoins worth around $60 million to two new wallets, according to Whale Alert.

BTC is currently trading at $62,500 and is up 4.7% in the last 24 hours. However, it has seen a significant decline in the last few weeks, seeing prices reach $54,000 on July 5. Industry experts attribute the price drop to Mt. Gox’s impending $8 billion sale to its creditors and the German government’s plan to sell around 50,000 Bitcoin worth $3 billion. Despite these challenges, Bitcoin showed signs of recovery over the weekend, breaking the $60,000 resistance barrier and rising to $62,000. BTC saw a sharp increase immediately after US presidential candidate Donald Trump survived an assassination attempt while speaking at a rally in Pennsylvania on July 13.

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