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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000
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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000

Bitcoin Whales Accumulate 71,000 BTC Amidst Price Dip – Details

Semilore Faleti
Semilore Faleti
Last Updated: July 14, 2024 6:26 am
3 mins read
Bitcoin

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The price of Bitcoin has continued a mild recovery in the last 24 hours following the recent price plunge in the first week of July. According to data from CoinMarketCap, BTC is up by 1.11% in the last day as the market bulls appear to gather momentum for a full-price rebound. Interestingly, the on-chain analysis platform, IntoTheBlock has provided some insights into the resilient behaviors of these Bitcoin optimists amidst the current market downtrend.

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Bitcoin Whales Acquire 71,000 BTC In One Week – Is A Price Rebound On?

In an X post on Saturday, IntoTheBlock reported that Bitcoin whales (i.e. typically wallets that hold over 1,000 BTC) have purchased 71,000 BTC in the past week, as they took advantage of the token’s recent price loss to increase their holdings.

For context, the premier cryptocurrency crashed by over 14% at the start of July as the German government actively offloaded its $3.3 billion (50,179 BTC) among other reasons. As expected, this massive selling pressure translated into the asset recording a significant price loss as its price slipped below the $54,000 mark.

 

Bitcoin whales added 71K BTC to their wallets this week, as they capitalized on the recent price decrease pic.twitter.com/fBeEGUP6P8

— IntoTheBlock (@intotheblock) July 13, 2024

However, the Bitcoin whales have expressed full confidence in the token’s long-term profitability by moving to acquire 71,000 BTC at these current low prices, providing enough buying pressure to march the selling spree by the German government. 

This massive buying act could spur other retail and shark investors to increase their Bitcoin holdings and eventually contribute to a price rebound for the crypto market leader. Already, BTC has shown signs of a price recovery this week, rising by over 9% since Monday to trade above $59,000. 

Interestingly, this development comes a week after popular crypto critic Peter Schiff called the reported institutional demand for BTC a myth. Schiff stated that if such demand existed, it would have consumed the massive amount of Bitcoin being sold thus preventing the recent price decline.

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Bitcoin Spot ETF Maintains Green Patch For Six Days

In other news, the BTC Spot ETF recorded a net inflow of $310 million on July 12 marking a sixth consecutive day of net inflows. According to data from Sosovalue, the BlackRock ETF IBIT had the highest inflow of $120.03 million followed by Fidelity’s FBTC with $115.14 million. Meanwhile, Invesco’s BTCO accounted for the smallest daily investment valued at $4.03 million. 

At the time of writing, Bitcoin continues to trade at $59,539, reflecting a 2.56% gain in the past seven days. However, the market leader remains in the red zone on the monthly chart, with a loss of 10.96%. 

Bitcoin
BTC trading at $59,559 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Yahoo Finance, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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