Bitcoin Whales Ingest 71K BTC In 1 Week, Price Rebound Ahead?
Highlights
- Bitcoin whales have stacked 71,000 BTC in a week
- The selloff comes amid Germany Bitcoin selloff spread
- More accumulations are expected from ETF buyers, whales and retail players
Bitcoin (BTC) whales are shifting narratives in the market in a move that showed embrace in the heat of the past drawdown. Over the past week, the price of Bitcoin has traded from a high of $59,270 to a low of $54,430. Within this time, BTC whales saw an advantage to bag the coin in what might prove significant in fueling a revival soon.
Bitcoin Whale Statistics
According to data insight from crypto analytics platform IntoTheBlock (ITB), Bitcoin whales acquired 71,000 BTC over the past week. Per the insight shared by ITB, the accumulation came off with a discount as Germany’s Bitcoin selloff found the right buyers.
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
The data showed the whale transactions in the BTC network now comes in with a total volume of $41.32 billion. While the 24 hour rate of change in this metric has dropped by 8%, the weekly surge has remained intact. The week got overshadowed with the conversations around Bitcoin selloff by Germany.
On July 12, the government completed the sales of 50,000 BTC seized earlier this year. This trend triggered intense market selloff, however, whale actions helped kept price above the $53,000 support zone. The drawdown trend might have gotten worse has the whales no intervened with the subtle accumulation.
With the German selloff spree over, BTC Price has now entered a more promising consolidation phase. At the time of writing, the price is changing hands for $58,665.10, up by 0.77% in 24 hours. Over the trailing 7-day period, it has jumped by 1.42%, one of the most promising signs of a recovery.
BTC Price To $60,000?
To many Bitcoin advocates, the whale actions are a vote of confidence on the prospects of the coin. Many market triggers abound that might generally help shift price back to $60,000.
One of this events came from Samson Mow and Joana Cotar who believes a dialogue with Germany might help in a strategic Bitcoin buyback. Besides these, the inflow into the spot Bitcoin ETF products might also help take off the BTC that flooded the market recently.
The ultimate goal is to fuel a Bitcoin price revival, first to $60,000, and in pursuit of the previous All-Time High (ATH) in the long term.
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