Bitcoin whales accumulated around $4.3 billion over the past thirty days, buying the dip as the asset hit its lowest numbers in the past few months. A massive chunk of the billions was acquired during bitcoin’s lowest price point recorded in the past 30 days when it dipped below the $54,000 mark.
The last time users bought such amounts of bitcoin was when multiple banks failed in the US in April 2023, pushing confidence in the leader of decentralized assets up tremendously. Now, it has occurred as bullish sentiments remain despite the asset witnessing increased selling pressure over the same 30-day period due to the FUD aroused in investors.
The anticipation and commencement of Mt. Gox repayments comprising 140,000 bitcoins, alongside the German government offloading 50,000 bitcoins, got investors worried. Of course, such massive selling resulted in dropping prices. But analysts believe the worst is behind us, and bitcoin will rally to new heights again, as often associated with increased whale activity.
CryptoQuant analyst Minkyu Woo posted on X, saying, “These whales have bought over 47,000 #BTC at an average price of $57K.” He added, “This suggests that the bottoming out of #BTC may be nearly complete.”
Santiment’s data revealed that holders with lesser amounts of bitcoin in their wallets are selling it, while whales are either holding or buying actively. It shows that 261 more wallets have crossed the ten bitcoin point in the first ten days of July compared to the number of wallets holding the same amount 30 days ago.
While that should boost the confidence of those holding the asset long-term, one whale wallet liquidated about $60 million in the asset on July 14. It sold 1,000 bitcoin, mostly acquired when the asset was worth one-eight of what it is now. Whale Alert’s post on X offers information about this transaction, “A dormant address containing 1,000 #BTC (59,989,823 USD) has just been activated after 11.8 years (worth 11,908 USD in 2012)!”
