Bitcoin Whales Dive In: 71,000 BTC Accumulated Amid Market Slump, Pushing Prices Back to $61K

The current trade price of Bitcoin (BTC) is $61,207, a 2.5% increase over the last 24 hours. Notably, the trade price of Bitcoin had been fluctuating around the $55K level over the past 7 days, amid very bearish sentiments.

On-chain data showed that Bitcoin whales took advantage of the market downturn by buying 71,000 Bitcoin, worth $4.3 billion at current Bitcoin trade price. This big amount of Bitcoin was purchased when Bitcoin dropped to $54,200 on July 5. 

According to CryptoQuant, these large holders have been buying Bitcoin at the fastest rate since April 2023. This accumulation by whales has played a significant role in pushing Bitcoin prices up, as they are buying large amounts when the prices dip, thus supporting a bullish trend in the market.

CryptoQuant community manager suggests that Bitcoin whales have bought over 47,000 BTC at an average price of $57K. This indicates that these large investors believe the price of Bitcoin has bottomed out and is likely to rise. Their significant purchases help support the price and signal confidence in the market’s recovery.

However, big players accumulated Bitcoin in large amounts over the last 6-7 days, while retail investors panicked and sold at a loss and low prices.

As per the Sentimants report, In July, there was a net increase of 261 wallets holding at least 10 BTC, suggesting a positive long-term outlook for Bitcoin, which should reassure traders.

Under the current situation, it is expected that Bitcoin might soon hit the $65K level, and other major crypto assets could also rally alongside Bitcoin. Most big crypto investors are focusing on Ethereum, as the United States Securities and Exchange Commission (SEC) is set to make a decision on trading approval for ETH spot ETF applications.

Read also: Tron (TRX) Founder Backs Donald Trump for Advancing Crypto’s Future