Bitcoin Whales Accumulate 71,000 BTC Amidst Price Dip – Details
July 14 2024 - 12:30AM
NEWSBTC
The price of Bitcoin has continued a mild recovery in the last 24
hours following the recent price plunge in the first week of July.
According to data from CoinMarketCap, BTC is up by 1.11% in the
last day as the market bulls appear to gather momentum for a
full-price rebound. Interestingly, the on-chain analysis platform,
IntoTheBlock has provided some insights into the resilient
behaviors of these Bitcoin optimists amidst the current market
downtrend. Related Reading: Bitcoin Lags Behind S&P 500,
Signaling Potential Bullish Catch-Up Bitcoin Whales Acquire 71,000
BTC In One Week – Is A Price Rebound On? In an X post on Saturday,
IntoTheBlock reported that Bitcoin whales (i.e. typically wallets
that hold over 1,000 BTC) have purchased 71,000 BTC in the past
week, as they took advantage of the token’s recent price loss to
increase their holdings. For context, the premier cryptocurrency
crashed by over 14% at the start of July as the German government
actively offloaded its $3.3 billion (50,179 BTC) among other
reasons. As expected, this massive selling pressure translated into
the asset recording a significant price loss as its price slipped
below the $54,000 mark. However, the Bitcoin whales have
expressed full confidence in the token’s long-term profitability by
moving to acquire 71,000 BTC at these current low prices, providing
enough buying pressure to march the selling spree by the German
government. This massive buying act could spur other retail
and shark investors to increase their Bitcoin holdings and
eventually contribute to a price rebound for the crypto market
leader. Already, BTC has shown signs of a price recovery this week,
rising by over 9% since Monday to trade above $59,000.
Interestingly, this development comes a week after popular crypto
critic Peter Schiff called the reported institutional demand for
BTC a myth. Schiff stated that if such demand existed, it would
have consumed the massive amount of Bitcoin being sold thus
preventing the recent price decline. Related Reading: Is Altcoin
Season Around the Corner? Bitcoin Halving Points to Potential Boom,
Analyst Reveals Although Bitcoin recent price Bitcoin Spot ETF
Maintains Green Patch For Six Days In other news, the BTC Spot ETF
recorded a net inflow of $310 million on July 12 marking a sixth
consecutive day of net inflows. According to data from Sosovalue,
the BlackRock ETF IBIT had the highest inflow of $120.03 million
followed by Fidelity’s FBTC with $115.14 million. Meanwhile,
Invesco’s BTCO accounted for the smallest daily investment valued
at $4.03 million. At the time of writing, Bitcoin continues
to trade at $59,539, reflecting a 2.56% gain in the past seven
days. However, the market leader remains in the red zone on the
monthly chart, with a loss of 10.96%. Featured image from
Yahoo Finance, chart from Tradingview
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