IntoTheBlock: Giant whales bought more than 70,000 Bitcoins at dips in early July! Valued at US$4.3 billion

This site (120bTC.coM): Bitcoin whales took advantage of the downturn in the cryptocurrency market earlier this month to buy on dips, accumulating a total of 71,000 Bitcoins, a record high since April 2023 The fastest “hoarding” speed.

According to data from cryptocurrency analysis company IntoTheBlock, most of the bargain-hunting funds entered the market when Bitcoin fell back to $54,200 on July 5. At current prices, these Bitcoins are worth $4.3 billion.

Bitcoin was quoted at US$62,760 today (15th), rising by more than 5% in the past 24 hours.

CryptoQuant pointed out that Bitcoin whales accumulated Bitcoin at the fastest speed (based on the 30-day average) since April last year, which happened to be shortly after the collapse of several regional banks in the United States.

CryptoQuant analyst Minkyu Woo said in an Small traders have been selling their holdings.

The company also observed that between July 1st and 10th, the number of wallets holding at least 10 Bitcoins increased by a net of 261, "which should reassure traders who are long-term bulls on the future."

However, it is obvious that not all Bitcoin whales intend to continue to accumulate and hold coins. According to data from WhaleAlert, a "dormant" Bitcoin whale woke up on July 14 after 12 years of dormancy and transferred as many as 1,000 Bitcoins worth nearly US$60 million to two new wallets. .

Industry experts said that the previously collapsed cryptocurrency exchange Mt. Gox is preparing to repay US$8 billion in cryptocurrency to creditors, and the German government’s dumping of nearly 50,000 Bitcoins worth US$3 billion was an earlier trigger for Bitcoin. The main reason for the sharp decline in currency prices.

However, as the market panic surrounding the Mt. Gox creditors’ crash dissipated and the German government’s Bitcoin holdings were almost sold off, Bitcoin began to show signs of price rebound over the weekend, breaking through the $60,000 resistance barrier, and again Because U.S. presidential candidate Trump was assassinated during a speech in Pennsylvania and survived, the stock immediately started to rise sharply after hearing the news, rising by more than 12% in the past week.

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