Bitcoin Accumulation: Who’s Been Buying Up All The BTC Dumped By The German Government?
14 Julio 2024 - 5:00AM
NEWSBTC
Bitcoin went on a downward spiral in the first week of July to
strike a bottom below $54,000 amidst an exacerbated selloff by some
large holders. Various reports using on-chain data have blamed the
selloffs on the German state of Saxony selling the bitcoins it
seized earlier in the year. Related Reading: Bullish Bitcoin
Indicator Which Led To A Reversal Has Returned, Is $70,000
Possible? Despite this considerable selloff, Bitcoin has primarily
held its ground, and bulls have been successful in preventing
additional price drops. According to on-chain data, Bitcoin’s
standoff can be attributed to some whales, as many of them jumped
on the price decrease to top up their holdings. Notably, Bitcoin
whales added 71,000 BTC to their wallets this week. Bitcoin
Whales Acquire 71,000 BTC This Week This week, Bitcoin whales went
on an absolute feeding frenzy by accumulating a whopping 71,000 BTC
from crypto exchanges. While the German state of Saxony was busy
offloading its crypto stash, these big players were more than happy
to add to their already massive holdings. This interesting
activity from the whales was first noted on social media platform X
by IntoTheBlock. A look at the chart below shows that the
accumulation was at its peak during Bitcoin’s 15% drop from $63,600
on July 1 to $53,905 on July 5. In addition to the whale
accumulation, Spot Bitcoin ETFs witnessed steady inflows during the
week despite the decline in the spot price. The funds recorded
positive net flows every day during the week, with the largest net
flow of $310 million on July 12. Bitcoin Holding Up The
German state of Saxony sold over $2 billion worth of Bitcoin last
week and flooded the market with many BTC. When this selloff
initially started, many traders and market participants were
skeptical about whether an already bearish Bitcoin could survive
the selling pressure. Many analysts were even anticipating a price
decline towards $47,000. On the other hand, other analysts believed
that the selloff was exaggerated. Despite this back-and-forth
scene, Bitcoin managed to scale through the selloff and absorb the
impact of the selloff better than many would expect. This showed
that the cryptocurrency has now achieved stability, preventing
further price declines. It also highlights the growing maturity of
the crypto market, which has been characterized by a high level of
volatility over the years. A $2 billion selloff is very small
compared to Bitcoin’s market cap of $1.18 trillion. To break it
down, that $2 billion represents less than 0.2% of Bitcoin’s total
market cap. Related Reading: Analysts Unanimous: Solana (SOL) To
Soar 100% – Details At the time of writing, Bitcoin is trading at
$59,960. The bulls are now setting their eyes on breaking above
$60,000 again. Breaking and holding above $60,000 would set the
stage for a further price increase in the coming week.
Featured image from Getty Images, chart from TradingView
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