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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. 
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 <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"> 
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 BTC accumulation spree | Source: <a href="https://cryptoquant.com/community/discover" target="_blank" rel="">CryptoQuant</a>
 
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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; 
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<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

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