According to Santiment, an on-chain data analysis firm, whales purchased 60,000 BTC in one day, the largest daily accumulation this year.
In this context, bitcoin whales are large investors and institutions who hold 100 to 10,000 bitcoins in a single address. According to Santiment, these addresses now have a total of 9.12M bitcoins – 100K more than one and a half months ago.
Bitcoin whales are still looking for more bitcoins.
Many retail investors have been terrified as bitcoin has lost more than half of its value since mid-April. BTC whales, on the other hand, saw the drop as a buying opportunity and have continued to accumulate the crypto asset over the last three months.
In less than a month, addresses with at least 10,000 BTC purchased nearly 90,000 BTC. As Santiment described them, these “uber large” addresses held half of all bitcoin in circulation at the time.
Despite Elon Musk-induced volatility and China FUD, Bitcoin whales continued their accumulation phase, adding approximately $3.6 billion in bitcoins to their portfolios in the last six weeks.
Will Bitcoin Profit in July?
The actions of whales usually have an immediate impact on the market. The recent 60,000 BTC purchase by whales resulted in more than 5% gains for bitcoin, as expected. This resulted in a gain of more than $35,000 yesterday, prior to today’s decrease.
While many are concerned about the recent drop in bitcoin’s hash rate and the negative difficulty adjustment, the cryptocurrency had a good start to July.
Although history does not always repeat itself, July has historically been a profitable month for bitcoin, with the asset posting more gains (seven) than losses (three) in the seventh month over the last ten years. Bitcoin’s biggest loss in July occurred in 2011 and 2019, when the coin closed the month with a 19.7 percent loss, while its biggest gain occurred in 2012, when the coin closed the month with a 36.5 percent profit.
