New BTC

Wednesday

Bitcoin

when

April

Bitcoin trading below $60,000 has incentivized whales to stockpile the cryptocurrency in hopes of higher prices. 
CryptoQuant analysts reported that Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) whales and long-term holders increased their balances at a 6.3% monthly rate, indicating more demand for the cryptocurrency despite a market decline. BTC is more than 21% below its peak price of $73,373, seen in March, and smart money is capitalizing on lower prices. 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14284168"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/Bitcoin-accumulation-spree-1024x557.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="557" src="https://crypto.news/app/uploads/2024/07/Bitcoin-accumulation-spree-1024x557.png" alt="CryptoQuant: Bitcoin whales on accumulation spree - 18"> 
 </picture> 
 <figcaption class="wp-element-caption">
 BTC accumulation spree | Source: <a href="https://cryptoquant.com/community/discover" target="_blank" rel="">CryptoQuant</a>
 
 </figcaption>
</figure> 
According to the blockchain analytics firm, it’s the fastest accumulation spree since April 2023, when Bitcoin traded around $30,000. The report released on Wednesday also highlighted whale activity bolstering BTC’s price in the face of sell pressure introduced in the last two weeks.&nbsp; 
New BTC supply flooded the market after federal authorities in <a href="https://crypto.news/?s=German" target="_blank" rel="noreferrer noopener">Germany</a> and the U.S. moved thousands of tokens to centralized exchanges like Coinbase and Kraken.&nbsp;BTC also slumped when defunct exchange <a href="https://crypto.news/?s=Mt+Gox" target="_blank" rel="noreferrer noopener">Mt. Gox</a> announced customer repayments roughly 10 years after one of the largest crypto hacks ever.&nbsp; 
 You might also like: <a href="https://crypto.news/bitcoin-mining-stocks-are-crawling-back-but-gains-could-be-brief/"> Bitcoin mining stocks are crawling back, but gains could be brief </a> 
<h2 class="wp-block-heading" id="on-chain-indicators-to-watch-for-bitcoin-pump">On-chain indicators to watch for Bitcoin pump</h2> 
CryptoQuant noted that Bitcoin whales are less likely to liquidate assets since the drop below $60,000. The price movements between $56,000 and $59,000 could also signal an early bottom. Still, a rally from this potential local bottom depends on improved liquidity tied to stablecoin minting.&nbsp; 
Per CryptoQuant, BTC typically sees higher prices when stablecoins, particularly Tether’s <a href="https://crypto.news/price/tether/" target="_blank" rel="noreferrer noopener">USDT</a>, increase token minting. However, USDT’s market cap <a href="https://crypto.news/three-reasons-why-the-crypto-market-fell-on-tuesday/" target="_blank" rel="noreferrer noopener">lulled</a> in recent weeks.&nbsp;It’s currently unclear when USDT and other stablecoins will resume regular minting, which refers to creating new fiat-pegged coins and raising crypto liquidity levels.&nbsp; 
 Read more: <a href="https://crypto.news/bitcoin-price-needs-just-this-one-catalyst-pompliano/"> Bitcoin price needs just this one catalyst: Pompliano </a>

CryptoQuant: Bitcoin whales on accumulation spree

Table of Contents

crypto.news

Other articles published on Jul 10, 2024

Crypto in Peril, U.S. House Expected to Uphold Biden Veto Preserving SEC Accounting Rule

Analysts Saying "The Bottom Has Been Found in Bitcoin" Pointed to Powell for the Rise!

Once Human defies mixed reviews to top Steam charts

Nervos Network (CKB) Provides a Secure and Adaptable Blockchain Network

Shiba Inu (SHIB) Drops 72%: Market Analysis and Future Projections

BANKSY is Attracting Attention Worldwide with the Report of Joining Solana

Join our free newsletter for daily crypto updates!