Bitcoin (BTC) has experienced significant selling pressure recently, yet large-scale investors, known as whales, are capitalizing on this trend. Wallets containing over 10,000 BTC have accumulated the most in the past six weeks, achieving their highest balance in six years.
Whales’ BTC Accumulation Surge
On-chain data provider Santiment reveals that Bitcoin whales have substantially increased their holdings amid volatile price movements. Major wallet addresses, mainly used by exchange liquidity providers, have amassed 212,450 BTC during this period, significantly enhancing their total Bitcoin reserves.
This trend indicates that large-scale investors are acquiring a significant portion of the supply despite ongoing sales by Bitcoin miners. Notably, mega whales are not part of this accumulation. Smaller whale groups, with balances over 10 BTC, are also actively increasing their holdings, continuing to absorb available supply.
Santiment data shows that wallets holding over 10 BTC have collectively accumulated 16.17 million BTC, demonstrating their continued confidence in Bitcoin’s long-term potential.
Bitcoin Price Movement
Following intense selling pressure on July 5, Bitcoin’s price has started to rebound. As of writing, the cryptocurrency has risen 4.5% from a low of $53,500 to $56,500, with a market capitalization of $1.114 trillion.
The recent price hike is attributed to significant inflows into spot Bitcoin ETFs on July 5, the week’s last trading day. After minor outflows earlier, spot Bitcoin ETFs witnessed a $143 million inflow, primarily led by Fidelity, indicating institutional investors are buying the dip.
Key Takeaways for Investors
• Whales are accumulating BTC, indicating confidence in its long-term value.
• Institutional investors are also showing interest, as evidenced by ETF inflows.
• Smaller whales are actively increasing their holdings, not just mega whales.
Will the Bulls Prevail?
The future direction of Bitcoin remains uncertain. For the rally to sustain, bulls must push the price above $61,000. Whether bulls will overpower bears to drive the price higher remains to be seen.
