In July, large Bitcoin holders accumulated 84,000 BTC. The value of these Bitcoins is approximately $5 billion. This marks the highest monthly accumulation since 2014, according to Ash Crypto, a well-known cryptocurrency trader.
Bitcoin Plunges 15% as New Whales Dump $688 Million
Bitcoin fluctuation in price was recently also characterized by a free fall to $49,188 on Monday, which was 15% dip in the value of this virtual money in one day. This sudden slashing was mainly caused by new entrants into the market, especially the new ‘whales’ who for the first time since May, this year dumped a huge $688 million on August 5, based on an on-chain statistic. However, the current whales majorly maintained their stakes in the ICO tokens for investment purposes.
After these declines, Bitcoin showed a powerful bounce back and revitalized the hope of investors about a further up move. The recent movements of the price have also catalyzed the activities of large investors into buying more stocks.
Bitcoin Whales Accumulate $23 Billion in BTC Amid Market Volatility
According to Ki Young Ju, CryptoQuant’s CEO, approximately $23 billion of Bitcoin has been moved to these long-term holder addresses within the last 30 days, which could demonstrate a clear sentiment of accumulation.
Ju emphasized that more than 404,000 Bitcoins were transferred to permanent holder addresses, which is indicative of an accumulation trend. He suggested that a large event could be taking place but the details would be clearer in the coming one year.
This wave of accumulation, indicated by Ash Crypto, especially after a significant drop, is being regarded as a bullish sign by many in the crypto space as it shows a high level of confidence in Bitcoin despite the recent volatility. This demonstrates that the interactions of new as well as existing whales remain instrumental in defining the landscape of the Bitcoin market.
