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Bitcoin whales buy $2 billion worth of BTC as price rebounds

For the first time in weeks, bitcoin managed to gain over the weekend. The flagship cryptocurrency traded above the $35,000 trading zone, on news of whale accumulation.

According to on-chain analytics company, Santiment, whales have now purchased 60,000 Bitcoins in one day. This represents the highest daily increase of the year.

Whales have now acquired a total of 100k Bitcoins over the past 6 weeks. The company tweeted, “Bitcoin whale addresses holding between 100 to 10k BTC kicked off July with a 60k BTC accumulation spike, the highest daily spike of 2021. These addresses hold 9.12M coins combined after holding 100k less BTC just 6 weeks ago.”

For the first time in weeks, bitcoin managed to gain over the weekend. The flagship cryptocurrency traded above the $35,000 trading zone, on news of whale accumulation.

According to on-chain analytics company, Santiment, whales have now purchased 60,000 Bitcoins in one day. This represents the highest daily increase of the year.

Whales have now acquired a total of 100k Bitcoins over the past 6 weeks. The company tweeted, “Bitcoin whale addresses holding between 100 to 10k BTC kicked off July with a 60k BTC accumulation spike, the highest daily spike of 2021. These addresses hold 9.12M coins combined after holding 100k less BTC just 6 weeks ago.”

So far, there is no indication of a rally as more corrections are expected. Nairametrics reported that the seven-day moving average of Bitcoin active addresses fell to approximately 500,000, the lowest since April 2020, crashing over 60% in 6 weeks.

Also, there is the Grayscale Bitcoin Trust (GBTC) unlocking. Certain experts speculated that selling pressure resulting from the GBTC unlocking may cause a $25,000 price correction. The unlocking is said to be scheduled for July 19. In contrast, other market observers have argued that BTC already bottomed out at $28,000 and a bullish trend is up next.

Bitcoin is trading at $35,500, up 2.27% for the day, as of the time of writing this report.

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