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Bitcoin (BTC) price faced strong selling pressure in recent weeks, but whales continue to take advantage of the situation. Wallet addresses with over 10,000 BTC have accumulated the most in the last six weeks, reaching their highest balance in six years.
Whales’ BTC Accumulation Frenzy
According to on-chain data provider Santiment, Bitcoin whales have significantly increased their BTC holdings amid recent price fluctuations. These large wallet addresses, primarily belonging to exchange liquidity providers, accumulated a total of 212,450 BTC during this period, significantly boosting their total Bitcoin balance.
This indicates that whale-level investors are trying to gather a significant portion of the supply despite current sales by Bitcoin miners. It is important to note that mega whales are not accumulating BTC. Smaller whale groups with balances over 10 BTC are also accumulating, continuing to absorb the supply.
According to Santiment, wallet addresses holding more than 10 BTC have accumulated a total of 16.17 million BTC, showing that this investor group remains confident in Bitcoin’s future.
Bitcoin Price Movement
After the strong selling pressure on July 5, Bitcoin’s price started to rise again. At the time of writing, the largest cryptocurrency rose 4.5% from yesterday’s low of $53,500 to $56,500, with a market cap of $1.114 trillion.
The recent price increase in Bitcoin is due to strong inflows into spot Bitcoin ETFs on July 5, the last trading day of the week. Following small outflows earlier in the week, spot Bitcoin ETFs saw an inflow of $143 million on July 5, led by Fidelity. These inflows indicate that institutional investors are clearly buying the dip.
However, it remains uncertain whether Bitcoin bulls will take control from here or if bears will maintain their dominance. For the rally to continue, bulls need to push the price above $61,000.
