As a researcher with a background in crypto markets, I find the recent developments in Bitcoin’s price and whale activity particularly intriguing. The past week has seen a significant price downturn for BTC following substantial selling pressure from institutions like the German government. However, the resilience of Bitcoin optimists, as evidenced by the 71,000 BTC acquired by whales in the last week, provides an encouraging sign for potential price recovery.
In the past 24 hours, Bitcoin‘s price has shown signs of improvement after a significant drop in early July. As reported by CoinMarketCap, Bitcoin has experienced a 1.11% increase in value. This uptick may be an indication that market bulls are regaining strength and preparing for a full-scale recovery. Moreover, IntoTheBlock’s analysis reveals some tenacious optimism among Bitcoin investors during this bearish market trend.
Bitcoin Whales Acquire 71,000 BTC In One Week – Is A Price Rebound On?
Last Saturday, a post on IntoTheBlock’s X platform revealed that approximately 71,000 Bitcoins, or around $2.5 billion at current prices, have been acquired by significant Bitcoin holders – those with wallets containing over 1,000 BTC – within the past week. Seizing the opportunity presented by recent price declines, these whales bolstered their existing stashes.
The leading cryptocurrency experienced a steep decline of over 14% at the beginning of July, with the German government being one of the major sellers, holding approximately $3.3 billion or 50,179 BTC. Consequently, this substantial selling pressure led to a notable decrease in the asset’s value, causing its price to drop below the $54,000 threshold.
This week, Bitcoin heavyweight investors, referred to as “whales,” bought approximately 71,000 Bitcoins. They took advantage of the recent price drop to expand their holdings.
— IntoTheBlock (@intotheblock) July 13, 2024
Despite voicing complete faith in Bitcoin’s future earnings potential, large investors, or “whales,” have purchased approximately 71,000 coins at present low costs. Their purchases have bolstered the market, counteracting the selling wave initiated by the German government.
A large-scale purchase could encourage other retail and institutional investors to boost their Bitcoin holdings, potentially leading to an uptick in the crypto market’s dominant asset. Bitcoin has exhibited early signs of price recovery this week, experiencing a surge of over 9% since Monday and trading above $59,000 once more.
It’s intriguing that this new development emerges a week following Peter Schiff’s criticism of Bitcoin. Schiff, a known crypto skeptic, dismissed reports of institutional demand for Bitcoin as unfounded. He argued that if such demand were true, it would have absorbed the large volume of Bitcoin being sold, thereby preventing recent price drops.
Bitcoin Spot ETF Maintains Green Patch For Six Days
On July 12, the BTC Spot ETF experienced a net inflow of approximately $310 million, representing the sixth consecutive day of such inflows, as reported by Sosovalue. Among these investments, BlackRock’s IBIT ETF saw the largest daily inflow at $120.03 million, while Fidelity’s FBTC followed closely with an inflow of around $115.14 million. In comparison, Invesco’s BTCO had the smallest daily investment of merely $4.03 million.
Currently, Bitcoin is priced at $59,539 during this writing, representing a 2.56% increase over the last week. Nevertheless, the cryptocurrency market’s front-runner has shown a monthly loss of 10.96%.
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2024-07-14 09:40