Bitcoin Mega Whales Buy the Dips, Holdings At Six-Year High
Highlights
- Bitcoin wallets holding over 10,000 BTC have accumulated an additional 212,450 BTC.
- Smaller whale cohorts, holding over 10 BTC, have also been absorbing supply.
- Bitcoin ETF inflows have resumed once again with Fidelity taking the charge.
Despite recent selling pressure on Bitcoin, whales have capitalized on the opportunity. Bitcoin wallets holding over 10K BTC have seen significant accumulation over the past six weeks, pushing their holdings to six-year highs.
Bitcoin Mega Whales on Accumulation Spree
As per on-chain data provider Santiment, the Bitcoin whales have significantly benefitted from the recent BTC price volatility over the past few weeks. These large addresses, predominantly owned by exchange liquidity providers, have accumulated an additional 212,450 BTC during this period. As a result, they have increased their total Bitcoin holdings over the past few weeks.
This shows that despite the current selling by Bitcoin miners, the whale cohorts have been trying to absorb the supply partially. However, it’s not that the mega whales have been alone accumulating the BTC. Bitcoin small whale cohorts with over 10+ coins have also been absorbing the supply.
According to on-chain data provider Santiment, wallets holding over 10 Bitcoin have reached an all-time high, accumulating a total of 16.17 million BTC. This accumulation signals growing confidence in Bitcoin’s future among these larger holders.
Also Read: BTC Price Slips Under $56,000 As Mt. Gox Wallet Transfers $2.7B In Bitcoins
The BTC Price Action
After facing heavy selling pressure on Thursday. the Bitcoin price has bounced back once again. As of press time, the BTC price has jumped 4.5% from yesterday’s low of $53,500 and is currently trading at $56,500 with a market cap of $1.114 trillion.
The recent Bitcoin surge is basically due to strong inflows in spot Bitcoin ETFs on Friday. After facing some minor outflows earlier this week, the Bitcoin ETFs recorded $143 million in inflows on Friday, with Fidelity leading the show. These inflows clearly suggest that institutions have been scooping the supply amid the current market fall.
However, it will be interesting to see whether Bitcoin bulls can take charge further from here or will the bears continue to dominate. For Bitcoin to resume the rally, the bulls must take the BTC price above $61,000.
#Bitcoin currently lacks significant support. The main key demand wall is around $47,000, and for the bull run to resume, $BTC must close and hold above $61,000. pic.twitter.com/9cD2otd4ZK
— Ali (@ali_charts) July 5, 2024
- Coinbase To List Binance Coin (BNB) Amid ‘Listing Fee’ Saga
- Fed’s Stephen Miran Calls for Rapid Rate Cuts Amid U.S.-China Trade Tensions
- Peter Thiel-Backed Crypto Bank Erebor Gets OCC Greenlight as Ripple, Circle Await Charter Decisions
- Fed Chair Shortlist Now Down to Five Candidates, Scott Bessent Confirms
- Bitwise CIO Calls Crypto Crash a ‘Blip’ as Market Bounces Back With $338M ETF Inflows
- Cardano Price Teeters as Whales Exit and Bearish Signal Emerges
- Sui Price Targets $9.5 as Figure Brings SEC-Approved Yield Token YLDS to Sui
- Chainlink Price Eyes $100 as S&P Global Partnership Expands Institutional Adoption
- Solana Price Prediction as Whales Withdraw $169M from Exchanges
- Pro Says Ethereum Price is a Buy Despite Rising Liquidations and BlackRock Selling
- XRP Price Prediction as Whales Dump 2.23B Tokens — Is $2 the Next Stop?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
