Bitcoin whales add 4.3B BTC amid price drop
Amid the fastest Bitcoin stack pace since April 2023, Bitcoin Wells took full advantage of the crypto market crash earlier this month.
The majority of Bitcoin (BTC) – currently valued at $4.3 billion – was accumulated when bitcoin returned to $54,200 on July 5, according to cryptocurrency analytics company IntoTheBlock.
As of April 2023, after the collapse of several local banks in the United States, Bitcoin Wells has revealed that they are now piling up Bitcoin at the fastest rate (on a 30-day moving average) since April 2023.
“This suggests the exit from #BTC may be complete,” CryptoQuant Analyst Minkyu Woo wrote in a separate X post.
Meanwhile, smaller traders are selling their wallets during the current dip, according to cryptocurrency analytics firm Sentiment.
Santiment also saw a net increase of 261 in the number of bitcoin wallets holding at least 10 bitcoins in the first 10 days of July.
“[This] They should give traders comfort in the long-term bullish future.
Not all Bitcoin wells plan to stack and stack (hold on for dear life), though.
A dormant bitcoin whale awoke on July 14 after a 12-year hiatus to transfer 1,000 bitcoins worth nearly $60 million to two new wallets, according to Whale Alert.
RELATED: Bitcoin Price Faces Summer 2021 Correction Despite BTC Whale Buying
Bitcoin is currently trading at $60,850, down 8.1% from last month.
Gox preparing to unload $8 billion to creditors and the German government selling around 50,000 bitcoins – worth $3 billion – have exacerbated the price slump, industry experts say.
However, Bitcoin started to show signs of price recovery over the weekend, breaking the $60,000 resistance barrier and gaining 6% after the close of trading on Friday.
This is the presidential candidate of the United States, Donald Trump. After surviving an assassination attempt, he spoke on stage at a July 13 rally in Butler, Pennsylvania.
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