- Bitcoin whales bought about 40,000 BTC within the past ten days and 130,000 BTC in five weeks.
- BTC reserves on all exchanges are starting to drop once again.
Since the bear market in May, many short-term holders were seen panic-selling their holdings, as most went underwater (i.e., unrealized loss). During this period, however, Bitcoin whales holding between 100 and 10,000 BTC were buying up from the weak hands, according to Santiment.
Bitcoin whales are accumulating more BTC
In just the past ten days, Bitcoin whales reportedly accumulated 40,000 BTC, which equals over $1.4 billion in today’s price. These addresses bought a total of 130,000 BTC within the past five weeks. This strong level of accumulation seen with Bitcoin whale addresses has cleared the sell-offs incited by Tesla and the Chinese authorities, says the CIO at Moskovski Capital, Lex Moskovski.
What’s interesting to note is that it was in this period of massive accumulation that Bitcoin shot up to over $39,000 before dropping to today’s price of $38,333. More of this will slowly suck up BTC reserves on exchanges, which is essential to sustain the price of the largest crypto on the uptrend.
All Bitcoin exchange reserve
Bitcoin reserve on exchanges is starting to drop again, as per CryptoQuant. As of July 20, there were 2.481 million BTC on crypto exchanges. This coincides with the level of BTC accumulation from Bitcoin whales and retail investors.
It remains to be seen if the buying pressure can sustain Bitcoin’s price to over $40,000.