Bitcoin whales snap up $4.3 billion in BTC during price drop

Bitcoin whales haven’t accumulated so much Bitcoin in a 30-day period since April 2023, shortly after several local banks in the United States collapsed.

Earlier this month, Bitcoin whales took full advantage of the crypto market’s drop, amassing 71,000 Bitcoins at the fastest pace since April 2023.

A chart from cryptocurrency analytics firm IntoTheBlock shows that most of these bitcoins were purchased on July 5 when Bitcoin fell back to $54,200, and are worth $4.3 billion at current prices.

CryptoQuant notes that Bitcoin whales are now accumulating Bitcoin at the fastest rate (based on the 30-day moving average) since April 2023, shortly after several local banks in the United States collapsed.

The demand for Bitcoin accumulation addresses. Data source: CryptoQuant

This suggests that #BTC's bottoming process may be nearing completion," CryptoQuant analyst Minkyu Woo added in an X post.

Meanwhile, cryptocurrency analytics firm Santiment noted that small traders have been selling their holdings during the current decline. Santiment also observed that the number of wallets holding at least 10 Bitcoins increased by a net of 261 in the first 10 days of July.

“This should give traders comfort about the long-term bullish future.”

The number of Bitcoin wallets holding at least 10 Bitcoins. Data source: Santiment

However, not all Bitcoin whales intend to accumulate and hold for the long term. According to Whale Alert, a Bitcoin whale that had been silent for 12 years woke up on July 14 and moved 1,000 Bitcoins worth nearly $60 million to two new wallets.

Bitcoin is currently trading around $62,900, down 8.1% over the past month.

Industry experts say the price drop was largely driven by Mt. Gox's preparation to sell $8 billion worth of bitcoin to its creditors and the German government's sale of nearly 50,000 bitcoins (valued at $3 billion).

However, Bitcoin began to show signs of price recovery over the weekend, breaking through the $60,000 resistance level and gaining 6% since the end of trading on Friday.

That included a sharp surge immediately after the July 13 assassination attempt on U.S. presidential candidate Donald Trump at a rally in Butler, Pennsylvania .