Crypto Whales Acquire Bitcoins Worth $4.3 Billion Amid Price Slump

Bitcoin whales took full advantage of the cryptocurrency market’s fall earlier this month, buying 71,000 Bitcoin at the fastest rate since April 2023. According to IntoTheBlock, a large portion of the $4.3 billion worth of Bitcoin was purchased when prices fell to $54,200 on July 5, 2024.During the first 10 days of July, Santiment also saw a 261 per cent net rise in the number of Bitcoin wallets holding at least 10 Bitcoins. This is likely to reassure traders in the long term. On July 14, following a 12-year break, a dormant Bitcoin whale moved 1,000 Bitcoin, or about $60 million, to two new wallets, according to Whale Alert.Bitcoin is currently trading at $60,850, down 8.1 per cent in the last month, owing in part to Mt. Gox’s plan to sell $8 billion and the German government’s sale of roughly 50,000 Bitcoin for $3 billion. However, it showed signs of recovery over the weekend, breaching the $60,000 resistance and rising 6 per cent since July 12, 2024.

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