Owners of large amounts of Bitcoin, commonly known as Bitcoin whales, have fully capitalized on the drop in the crypto market earlier this month, accumulating 71,000 Bitcoins at the highest rate of accumulation since April 2023.
A large portion of this Bitcoin, valued at $4.3 billion at current prices, was purchased when Bitcoin fell to $54,200 on July 5, according to a chart from cryptocurrency analytics firm IntoTheBlock.
CryptoQuant notes that whales are now accumulating Bitcoin at the fastest rate (on a 30-day moving average) since April 2023, shortly after several local banks in the U.S. collapsed.
Meanwhile, smaller traders have sold off their Bitcoins during the current downturn, noted cryptocurrency analytics firm Santiment.
Santiment also observed a net increase of 261 in the number of Bitcoin wallets holding at least 10 Bitcoins during the first 10 days of July.
Bitcoin is currently trading at a price of $62,774, which is still a 5.1 percent decline on a monthly basis.
Mt. Gox, which is preparing to pay out $8 billion to its creditors, and the German government, which has sold off the entire seized amount of over 50,000 Bitcoins, valued at $3 billion, have significantly contributed to the price drop.
However, Bitcoin has begun to show signs of price recovery over the weekend, breaking through the resistance barrier of $60,000.
