CoinGeek reports:
Bitcoin (BTC) has recently faced significant selling pressure, which large investors, known as whales, are leveraging. Wallets holding over 10,000 BTC accumulated the most in the past six weeks, reaching their highest balance in six years.
1. Surge in BTC Accumulation by Whales
Blockchain data provider Santiment reveals a substantial increase in Bitcoin whale holdings amidst price fluctuations. Addresses primarily used by exchange liquidity providers accumulated 212,450 BTC during this period, significantly boosting their overall reserves. Visit COINTURK FINANCE for the latest financial and business news.
This trend indicates that despite selling pressures from Bitcoin miners, large-scale investors are acquiring a substantial portion of the supply. Notably, massive whales are not part of this accumulation, with smaller whale clusters holding over 10 BTC actively absorbing available supply.
Santiment data shows wallets holding over 10 BTC accumulated a total of 16.17 million BTC, underscoring their continued confidence in Bitcoin’s long-term potential.
2. Bitcoin Price Movement
Following intense selling pressure on July 5, Bitcoin prices have begun to rebound. At the time of writing, the cryptocurrency has risen 4.5% from its low of $53,500 to $56,500, with a market capitalization of $1.114 trillion.
The recent price increase is attributed to a significant inflow into spot Bitcoin ETFs on July 5, the last trading day of the week. After minor outflows earlier, spot Bitcoin ETFs saw an inflow of $143 million, led by Fidelity, indicating institutional investors are buying the dip.
3. Key Gains for Investors
– Whales accumulating BTC signals confidence in its long-term value.
– Institutional interest is evident through ETF inflows.
– Small whales are actively increasing their holdings, not just large whales.
4. Will the Bulls Prevail?
The future trajectory of Bitcoin remains uncertain. Sustaining upward momentum will require bulls to push prices above $61,000. Whether bulls can overpower bears and drive prices higher remains to be seen.
Follow our news on Telegram, Twitter (X), and Coinmarketcap.
Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility of cryptocurrencies, which entails risks, and should conduct their own research.