Stablecoin

Wednesday

Bitcoin

April

when

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin whales are adding to their holdings at the fastest rate since April 2023, CryptoQuant analysts note.</li> 
 <li>The lack of stablecoin liquidity could lower the effect of any price rally.</li> 
</ul> 
According to the latest reports from CryptoQuant analysts, Bitcoin whales are accumulating BTC at the fastest monthly rate since April 2023. 
They note that long-term Bitcoin holders have been increasing their holdings at a monthly growth rate of 6.3%. This is the fastest pace in over a year, showing a rising demand for BTC. 
CryptoQuant’s Wednesday report on the market reveals that the increasing demand for Bitcoin’s long-term holders supports the crypto’s price. 
<h2 id="price-support-for-bitcoin-amidst-recent-sell-offs">Price Support for Bitcoin Amidst Recent Sell-Offs</h2> 
Such support turns out useful in the context of Bitcoin facing an increase in supply hitting the market. This originated from the following factors: 
<ul> 
 <li>Seized BTC held by the German and US Governments</li> 
 <li>Distribution of funds from the defunct BTC exchange Mt. Gox</li> 
</ul> 
Earlier, the German Government just lost its <a href="https://crypto.ro/en/news/german-government-sells-2000-btc-today-loses-its-bitcoin-billionaire-status/">“Billionaire Bitcoin” status</a>, due to the recent transfers. 
The report also revealed charts showing that as BTC’s price dipped from a height of $71,000 to the current levels between $58,000 – $59,000, the rate of whale accumulation has been surging. 
<img decoding="async" src="https://www.tbstat.com/wp/uploads/2024/07/Screenshot-2024-07-10-at-13.16.43-1200x653.png" alt="Screenshot 2024 07 10 at 13.16.43" title="Bitcoin Whales Report - Fastest Accumulation Rate Since April 2023 68"> 
Long-term holders saw high profits when the prices surged above $70,000 at the beginning of last month. On the other hand, they experienced some losses and became less willing to sell, according to their notes. 
<a href="https://cryptoquant.com/" rel="nofollow noopener" target="_blank">CryptoQuant</a> analysts added that this could hint at a Bitcoin price bottom. 
According to their report, prices may take a little longer to bottom and begin a new bullish trend due to the lack of a full swing for the stablecoin liquidity growth. 
<h2 id="stablecoin-liquidity-lack-of-growth">Stablecoin Liquidity Lack of Growth</h2> 
According to the report, the USDT market capitalization is currently slowing down. The notes highlighted that BTC’s price usually rallies as more liquidity enters the market via USDT <a href="https://crypto.ro/en/dictionary/minting/">minting</a>. 
This is a condition that has not been yet met, hence the lack of stablecoin liquidity. 
The report highlighted that the stablecoin liquidity is a crucial factor for a price rally for Bitcoin. 
There is still some positive move in the stablecoin market via USDC, but the lack of a corresponding surge in the USDT market could delay or diminish the possibility of a price rally for BTC. 
Regarding<a href="https://crypto.ro/en/cryptocurrencies/bitcoin/"> Bitcoin</a>‘s price today, at the moment of writing this article, the coin is trading above $58,000, up by approximately 2% in the past 24 hours.

Bitcoin Whales Report – Fastest Accumulation Rate Since April 2023

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