While the Bitcoin price continues to stay under strong selling pressure, the BTC whale wallets have continued their accumulation. As per the recent on-chain data, Bitcoin whale wallets holding more than 10 BTC have hit a new all-time high in terms of total accumulation.
Bitcoin Whale Accumulation
As per on-chain data provider Santiment, Bitcoin’s major stakeholders are projecting a bullish outlook. The data shows that wallets holding over 10 BTC have now accumulated an all-time high of 16.17 million BTC, thereby showing confidence in Bitcoin’s future.
Courtesy: Santiment
However Santiment notes that for the next Bitcoin bull run to begin, and increase in the buying power from USDT and USDC stablecoin holders is essential. This influx of capital coming from stablecoin holders would potentially open the floodgates to a strong surge in the Bitcoin price.
The Bitcoin price is currently facing further selling pressure dropping another 3% in the last 24 and slipping under $61,000 levels. Continued Bitcoin miner capitulation could be one of the reasons behind the current selling pressure.
However, Crypto analyst Dan Crypto Trades reported that an impatient trader on Coinbase executed a market sell of 250-300 Bitcoin in a single transaction, twice. The total value of the sale was approximately $30 million, resulting in a slippage of $600-$1000 per Bitcoin.
Someone on Coinbase was impatient and ended up market selling 250-300 #Bitcoin in one clip twice. Sold a total of about ~$30M worth.
This caused slippage of $600-$1000.
That’s one way to rob yourself out of ~$100K+
Of course any other exchange didn’t have these wicks. pic.twitter.com/H3kRxTnUj6
— Daan Crypto Trades (@DaanCrypto) July 2, 2024
Also Read: BitMEX’s Arthur Hayes Highlights Bitcoin’s Edge To Gold
Is the BTC Bull Run Over?
Throughout the second quarter, the Bitcoin price has been moving sideways nearly trading 20% down from its all-time high of $74,000 in March this year. This has led many investors to question whether the Bitcoin bull run has ended or not.
To gauge this, on-chain data provider CryptoQuant refers to a metric dubbed 60-day Realized to Market Capitalization Variance (RCV). This metric measures the two-month change in the realized cap in relation to Bitcoin’s current market value. It is particularly useful in long-term decision-making and investing using the Dollar Cost Averaging (DCA) method.
Courtesy: CryptoQuant
According to CryptoQuant, Bitcoin has entered its risk zone based on this metric. However, there remains potential for market growth to higher levels, such as 0.70. While future predictions are uncertain, a demand surge around the 0.50 level could mimic the behavior seen in 2017, potentially setting a new long-term high for Bitcoin.
Popular Bitcoin investor Mike Pompliano stated that retail and institutional investors remain convinced of the long-term resilience of Bitcoin. According to him, this cohort has been aggressively buying the dips in the current Bitcoin price correction.
Also Read: Fed Chair Still Not Confident of Interest Rate Cuts, What’s Next for Bitcoin?
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
