- Bitcoin whales acquired 71,000 BTC over the past week amid price volatility.
- The German government sold 50,000 BTC on July 12, affecting market dynamics.
- Bitcoin’s price stands at $58,665.10, up 1.42% over the trailing seven-day period.
Bitcoin whales are rewriting market narratives during a moment of recent price volatility, with Bitcoin’s price varying throughout the previous week from $59,270 at high to $54,430 at low. Bitcoin whales recognized a chance to gather cryptocurrency during this period, maybe igniting a market comeback shortly.
Data from the crypto analytics platform IntoTheBlock (ITB) indicates that Bitcoin whales acquired 71,000 BTC over the past week. This accumulation occurred as Germany’s Bitcoin selloff found eager buyers.
The data reveals that whale transactions in the Bitcoin network now total $41.32 billion in volume. While the 24-hour rate of change for this metric has dropped by 8%, the weekly surge remains strong. Conversations around the Bitcoin selloff by Germany overshadowed the week.
On July 12, the German government completed the sale of 50,000 BTC seized earlier this year. This event triggered a significant market selloff. However, whale actions helped maintain the price above the $53,000 support zone. The drawdown could have worsened without the subtle accumulation of whales.
With the German selloff spree concluded, Bitcoin’s price has entered a promising consolidation phase. At the time of writing, the price stands at $58,665.10, reflecting a 0.77% increase in 24 hours. Over the trailing seven-day period, it has risen by 1.42%, a positive sign for potential recovery.
Read CRYPTONEWSLAND on
google news
To many Bitcoin advocates, whale actions are a vote of confidence in the cryptocurrency’s prospects. Several market triggers could help shift the price back to $60,000. One notable event involves dialogue with Germany, which might lead to a strategic Bitcoin buyback. Additionally, inflows into spot Bitcoin ETF products could absorb the recently flooded BTC.
Bitcoin whales have played a crucial role in stabilizing the market amid recent price fluctuations. Their strategic accumulation and market actions demonstrate confidence in Bitcoin’s long-term potential. As the market adjusts to recent events, Bitcoin’s price shows signs of recovery and resilience, with prospects of reaching previous highs.
Read Also:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
