In July, whales replenished their stocks by 60,000 BTC per day
June was not the best month for digital currencies. Nevertheless, July promises to be more interesting.
In just one day, Bitcoin whales acquired 60,000 BTC, which instantly became the largest purchase of digital currencies per day in 2021. This was reported by analysts at Santiment, highlighting that the largest owners of the main cryptocurrency in the market have expanded their combined fortune to 9.12 million BTC. According to Santiment, 6 weeks earlier, 100,000 BTC less were stored on these addresses. Of these, about 90,000 BTC were purchased in less than a month.
This indicates at least that the wealthiest Bitcoin investors intend to return to the market, and the “bottom” is most likely already passed. In the future, this can also play an important role in increasing the rate of the TOP of CoinMarketCap in the next few weeks.
Many retail investors panicked after the main crypto asset lost more than 50% of its value starting in mid-April. However, the whales, on the contrary, were only glad to be able to buy even more digital currencies during the downturn, continuing to accumulate “mass” over the past months. In total, despite the general FUD and manipulation of public opinion by some billionaires and institutions, the whales have added $3.6 billion of Bitcoins to their wallets. By the way, the quantity of whales themselves also rose, jumping to a three-week high in 1922.
This news should please the crypto community, because ultimately it was the whales that caused the asset's rate to skyrocket from $10,000 to peaks above the $60,000 level in less than six months.
Historically, July has become one of the most profitable months of the year for both digital currencies and Bitcoins in particular. But it is worth noting two exceptions in 2011 and 2019, when the coin closed the month with a loss of about 20%.
Since the actions of the whales instantly affected the crypto market, the main cryptocurrency reacted positively to the news of the purchase of 60,000 BTC, adding 5% in value. Unfortunately, the growth was short-lived and now the price of Bitcoin on Binance has dropped to $33,645 again.
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