Bitcoin Mega Whales Buy the Dips, Holdings At Six-Year High

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