Donald Trump

Bitcoin

April

Bitcoin whales took full advantage of the crypto market slump earlier this month, accumulating 71,000 Bitcoin amid the fastest rate of Bitcoin stacking since April 2023.&nbsp;
Much of that Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) — worth $4.3 billion at current prices — was scooped up when Bitcoin retraced to $54,200 on July 5, a <a href="https://x.com/intotheblock/status/1812165143624667642?s=46&amp;t=MuRujqZUAz3TQE1vmr3c6A" target="_blank" rel="noopener nofollow">chart</a> from cryptocurrency analytics firm IntoTheBlock shows.
CryptoQuant <a href="https://x.com/cryptooindia/status/1811065585641390363?s=46&amp;t=MuRujqZUAz3TQE1vmr3c6A" target="_blank" rel="noopener nofollow">notes that</a> <a href="https://cointelegraph.com/news/what-are-bitcoin-whales-and-how-to-spot-them">Bitcoin whales</a> have now been stacking Bitcoin at the fastest rate (on a 30-day moving average) since April 2023, shortly after several <a href="https://cointelegraph.com/news/banking-crisis-what-does-it-mean-for-crypto">local banks in the US collapsed</a>. 
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/17deffd0-bf63-4c2b-a0a4-777cefdb5d3c.jpg" alt="Bitcoin whales snapped up $4.3B of BTC amid price slump">
 <figcaption style="text-align: center;">
 Bitcoin demand from accumulation addresses. Source: CryptoQuant
 </figcaption>
</figure>
“This suggests that the bottoming out of #BTC may be nearly complete,” CryptoQuant analyst Minkyu Woo <a href="https://x.com/Woo_Minkyu/status/1810893042821517361" target="_blank" rel="noopener nofollow">added</a> in a separate X post.
Meanwhile, smaller traders have been selling off their bags during the current dip, <a href="https://x.com/santimentfeed/status/1811199249776074985" target="_blank" rel="noopener nofollow">noted</a> cryptocurrency analytics firm Santiment.
Santiment also observed a 261 net increase in the number of Bitcoin wallets holding at least 10 Bitcoin over the first 10 days of July.
“[This] should give traders comfort in a long-term bullish future.”
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/06c08e2d-e322-4534-9a3e-264baed78582.jpg" alt="Bitcoin whales snapped up $4.3B of BTC amid price slump">
 <figcaption style="text-align: center;">
 Number of Bitcoin wallets with at least 10 Bitcoin. Source: Santiment
 </figcaption>
</figure>
It appears <a href="https://cointelegraph.com/explained/how-do-crypto-whales-protect-their-identities">not all Bitcoin whales</a> are planning to stack and hodl (hold on for dear life), though. 
One dormant Bitcoin whale woke up on July 14 after a 12-year hiatus, transferring 1,000 Bitcoin worth nearly $60 million to two new wallets, <a href="https://x.com/whale_alert/status/1812584008372417001" target="_blank" rel="noopener nofollow">according</a> to Whale Alert.
Related: <a href="https://cointelegraph.com/news/bitcoin-price-faces-major-summer-of-2021-style-correction-despite-btc-whale-buying">Bitcoin price faces major ‘summer of 2021’ style correction despite BTC whale buying</a>
Bitcoin is currently trading at $60,850, down 8.1% over the last month.
<a href="https://cointelegraph.com/learn/the-mt-gox-bitcoin-heist">Mt. Gox preparing to offload $8 billion</a> to its creditors and the <a href="https://cointelegraph.com/news/german-government-offloads-final-bitcoin-holdings">German government selling</a> nearly 50,000 Bitcoin — worth $3 billion — have largely fueled the price slump, industry pundits say.
However, Bitcoin started showing signs of a price recovery over the weekend, breaking the $60,000 resistance barrier and increasing 6% since trading hours closed on Friday.
This included a sharp increase immediately after US presidential candidate Donald Trump <a href="https://cointelegraph.com/news/donald-trump-memecoin-price-soars-following-assassination-attempt">survived an assassination attempt</a> while speaking on stage at a rally in Butler, Pennsylvania, on July 13.
Magazine: <a href="https://cointelegraph.com/magazine/philippines-xrp-theft-mining-rigs-tax-south-korea-asia-express/">Singapore ‘not ready’ for Bitcoin ETFs, sneaky crypto mining rig importer: Asia Express</a>

Bitcoin whales snapped up $4.3B of BTC amid price slump

Cointelegraph

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