Bitcoin Whales Accumulate Over 85,000 Bitcoin Amid Price Slump

Data from cryptocurrency analytics firm CryptoQuant reveals that Bitcoin whales have accumulated over 85,000 BTC over the past 30 days. CryptoQuant highlighted that Bitcoin whales have now been stacking Bitcoin at the fastest rate (on a 30-day moving average) since April 2023, shortly after several local banks in the US collapsed.Over 71,000 of the Bitcoin, worth $4.3 billion at current prices, was scooped up when Bitcoin retraced to $54,200 on July 5, according to data from cryptocurrency analytics firm IntoTheBlock.

Bitcoin whales added 71K BTC to their wallets this week, as they capitalized on the recent price decrease pic.twitter.com/fBeEGUP6P8

— IntoTheBlock (@intotheblock) July 13, 2024

Bitcoin Small-Fry Are Offloading Their Bags

Meanwhile, smaller traders have been selling off their bags during the current dip, noted cryptocurrency analytics firm Santiment.However, it seems that these are just weak hands exiting the market, fueled by the looming uncertainty amid the stir generated by the ongoing German and Mt.Gox Bitcoin sell-offs.Santiment noted a 261 net increase in the number of Bitcoin wallets holding at least 10 Bitcoins over the first 10 days of July.

🐳📈 Bitcoin whale and shark wallets are increasing in number while small traders sell off their bags during this dip period. July has seen a net increase of +261 wallets that now hold at least 10 BTC, which should give traders comfort in a long-term bullish future. pic.twitter.com/y0BwKDxNGm

— Santiment (@santimentfeed) July 11, 2024

Something Santiment believes “should give traders comfort in a long-term bullish future,” demonstrating confidence among investors as they strengthen their position.

Bitcoin Whales Move On Mt. Gox and Germany Bitcoin Sell-off Ease

This elevated whale activity may be interpreted as an effort to capitalize on the “bottom” as the pressure on Bitcoin eases now that Mt. Gox and the German Bitcoin Sell-Offs approach their end. The 50,000 Bitcoin seized by the German government from the notorious website Movie2k.to in January appears to have approached its final liquidation. According to Arkham Intelligence data, the wallet holding the 50,000 Bitcoin now holds just 0.007 BTC after sending the remaining 3,846.05 Bitcoin, valued at approximately $223 million, to entities like Flow Traders and 139Po. Meanwhile, Mt. Gox, the Japanese Bitcoin exchange that suffered a notorious collapse in 2014, started distributing repayments to its creditors in the form of Bitcoin and Bitcoin Cash as of July 5th.