Bitcoin whales have accumulated $4.3 billion worth of BTC during a market slump, marking the fastest stacking rate since April 2023.
Bitcoin whales have capitalized on the recent crypto market downturn, amassing a substantial amount of BTC. This significant accumulation activity has not been seen since April 2023, shortly after several local banks in the United States experienced failures. This trend suggests potential market stabilization and hints at a bullish future for Bitcoin.
Key Points
Significant Accumulation: Bitcoin whales acquired 71,000 BTC, valued at $4.3 billion, during the market slump earlier this month.
Historical Context: This accumulation rate is the fastest since April 2023, coinciding with the collapse of several local banks in the US.
Price Slump Reaction: The bulk of the BTC was purchased when Bitcoin prices retraced to $54,200 on July 5.
Market Indicators: Cryptocurrency analytics firms like CryptoQuant and Santiment report increased activity from accumulation addresses and a rise in wallets holding at least 10 BTC.
Diverse Whale Activity: Despite the overall accumulation, some whales have been active, such as one dormant whale transferring 1,000 BTC after 12 years.
Market Recovery Signs: Bitcoin has shown signs of price recovery, surpassing the $60,000 resistance barrier and rising 6% since the weekend.
The recent actions of Bitcoin whales highlight their strategic accumulation during market slumps, signaling confidence in Bitcoin's long-term potential. This behavior, alongside signs of market recovery, could indicate a near-bottoming out of BTC prices and a bullish outlook for the future. Investors should watch for further accumulation and market movements to gauge the next phases of Bitcoin's market cycle.
Source: Cointelegraph
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