Bitcoin whales are continuing to purchase BTC, with a 60k BTC acquisition marking the largest single-day accumulation.
Whales acquired 60,000 BTC in one day, according to on-chain data research firm Santiment, making it the most prominent daily accumulation this year.
In this sense, bitcoin whales are large investors and institutions that own between 100 and 10,000 bitcoins in a single address. According to Santiment, these addresses now own a total of 9.12 million bitcoins, up 100 thousand from one and a half months ago.
Bitcoin whales are still on the lookout for more bitcoins.
Since mid-April, bitcoin has lost more than 50% of its value, causing fear among many retail investors. On the other hand, BTC whales regarded the drop as a purchasing opportunity and have proceeded to amass the cryptocurrency over the previous three months.
In less than a month, addresses with at least 10,000 BTC purchased approximately 90,000 BTC. As Santiment put it, these “huge” addresses held 50% of all bitcoin in circulation at the time.
Despite the Elon Musk-induced volatility and China-related fears, Bitcoin whales maintained their accumulation phase, adding $3.6 billion in bitcoins to their portfolios during the previous six weeks.
Will Bitcoin Make Money in July?
The market is generally affected immediately by the behavior of whales. The latest 60,000 BTC buy by whales boosted bitcoin’s price by more than 5%, as predicted. This resulted in a gain of moreover $35,000 yesterday, before the drop today.
While many are concerned about the recent drop in bitcoin’s hash rate and the unfavorable difficulty adjustment, the cryptocurrency has had a good start in July.
Even though history does not always repeat itself, July has traditionally been a lucrative month for bitcoin, with more gains (seven) than losses (three) in the seventh month during the previous ten years. Bitcoin’s largest losses in July were in 2011 and 2019 when the currency lost 19.7% of its value, and its highest gains occurred in 2012 when the unit gained 36.5 percent of its value.