Bitcoin Rebounds to $61,200 as Whales Ramp Up Accumulation

Bitcoin has rebounded to $61,200 at present. Bitcoin whales capitalized on the cryptocurrency market downturn earlier this month, amassing 71,000 Bitcoins at the fastest accumulation rate since April 2023.

Most of this Bitcoin—valued at $4.3 billion at current prices—was acquired when Bitcoin dipped to $54,200 on July 5, according to a chart from cryptocurrency analysis firm IntoTheBlock.

CryptoQuant noted that Bitcoin whales are now accumulating Bitcoin at the fastest rate (on a 30-day moving average) since April 2023, shortly after several local banks in the United States collapsed. CryptoQuant analyst Minkyu Woo added in a separate post on X: “This indicates that the bottom for #BTC might be nearing completion.”

These whales have bought over 47,000 #BTC at an average price of $57K.

This suggests that the bottoming out of #BTC may be nearly complete.#BTC #Bitcoin pic.twitter.com/MpNqAETAqZ

— 우민규 (Woominkyu) (@Woo_Minkyu) July 10, 2024

Meanwhile, retail traders have been offloading their holdings during the current price drop, as noted by cryptocurrency analysis firm Santiment. Santiment also observed a 261% net increase in the number of Bitcoin wallets holding at least 10 Bitcoins in the first 10 days of July.

“This will provide traders with comfort for a long-term bullish outlook.” However, it appears not all Bitcoin whales plan to accumulate and hold.

According to Whale Alert, a dormant Bitcoin whale resurfaced on July 14 after a 12-year hiatus, moving 1,000 Bitcoins worth nearly $60 million into two new wallets. Bitcoin is currently trading at $60,850, down 8.1% from the previous month.

Industry experts attribute the price decline to Mt. Gox preparing to sell $8 billion to creditors and the German government selling nearly 50,000 Bitcoins—worth $3 billion.

Related: Bitcoin Price Nears $60k as the German Government Runs Out of Bitcoin to Sell

However, Bitcoin began showing signs of price recovery over the weekend, breaking through the $60,000 resistance barrier and rising 6% since the close of trading on Friday.

This surge came shortly after U.S. presidential candidate Donald Trump survived an assassination attempt while speaking at a rally in Butler, Pennsylvania, on July 13.