Bitcoin whales are still buying BTC and recorded the highest accumulation in a single day with 60,000 BTC purchases.
Blockchain data analytics firm Santiment reported that whales bought 60,000 BTC in one day, the largest daily accumulation this year.
In this context, Bitcoin whales are appreciated as large investors and institutions holding between 100 and 10,000 bitcoins at a single address. According to Santiment, these addresses currently hold 9.12 million Bitcoins combined – 100,000 more than a month and a half ago.
Bitcoin whales still chasing more BTC
Many individual investors panicked as Bitcoin has lost more than 50% of its value since mid-April. However, BTC whales saw the drop as a buying opportunity and continued to accumulate crypto assets over the past three months.
Addresses holding at least 10,000 BTC bought about 90,000 BTC in less than a month. As Santiment explained, these “hugely large” addresses held half of all bitcoin in circulation at the time.
Even with the volatility from Elon Musk and the Chinese FUD, Bitcoin whales continued to accumulate, adding nearly $3.6 billion worth of bitcoin to their portfolios in the past six weeks.
Will July continue to be profitable for Bitcoin?
Whales’ actions often have an immediate effect on the market. As expected, the last 60,000 BTC purchases by whales saw bitcoin posting gains of more than 5%. This resulted in a spike of over $35,000 yesterday before today’s drop.
While many are worried about the recent drop in the Bitcoin hashrate and negative difficulty adjustment, July has started well for the coin.
While history sometimes doesn’t repeat itself, July is historically a profitable month for bitcoin as the asset has recorded more gains (seven) than losses (three) in 7 months over the past 10 years. Bitcoin’s biggest loss in July was in 2011 and 2019, with the cryptocurrency closing the month with a 19.7% loss, while its biggest gain was in 2012 with a 36.5% profit.