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Crypto whale scoops up 84,000 BTC in July: Bullish market shift?

August 2, 2024
in Bitcoin
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Crypto whale scoops up 84,000 BTC in July: Bullish market shift?
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  • BTC is seeing a price decline.
  • The decline has not deterred whales from accumulating.

Crypto whale accumulation of Bitcoin [BTC] has picked up significantly in the last month.

Data indicated that these large holders have accumulated a substantial volume of BTC, which has led to an increase in the value of their holdings.

This trend suggested that high-net-worth investors are showing renewed confidence in Bitcoin, possibly anticipating future price increases.

Crypto whale take advantage of price drops

According to data from Lookonchain, a particular crypto whale address intensified its Bitcoin accumulation just as the previous month was ending.

In two days, this whale accumulated a total of 5,800 Bitcoin, valued at nearly $400 million. 

Specifically, the address withdrew 1,300 BTC on the 31st of July, following a withdrawal of 4,500 BTC the previous day. This accumulation occurred during a period when Bitcoin’s price experienced consecutive declines. 

From the 29th to the 31st of July, the BTC price chart showed a downward trend. Despite this decline, the whale’s significant accumulation indicates a bullish stance by large-scale investors.

Value of crypto whale holdings increase

According to data from IntoTheBlock, July saw a significant increase in Bitcoin holdings by crypto whales, marking a notable accumulation period.

Specifically, addresses that own at least 0.1% of BTC’s circulating supply added over 84,000 BTC to their holdings. 

This accumulation represents the largest single-month tally in BTC terms since October 2014, highlighting a substantial boost in whale activity.

Crypto whale balance

Source: IntoTheBlock

Further analysis revealed that accounts holding over $10 million worth of BTC have also seen an increase in the value of their holdings over recent months.

See also  Bitcoin: Selling BTC at a loss? Well, here's the bright side...

The increase culminated in a significant uptick at the end of the last month. 

As a result, the holdings of these addresses have now reached nearly $800 billion.

This figure accounts for over half of Bitcoin’s current market capitalization, underscoring the substantial influence that these large holders have on the market.

This trend of accumulation by whales can indicate bullish sentiment among key market participants, as they may anticipate higher prices in the future or see current levels as undervalued. 

Whales hold a 1% advantage

The analysis of the Bitcoin Market Value to Realized Value (MVRV) ratio revealed a slight increase to just over 1% at present. 

A recent deep dive into the data indicated that although the MVRV ratio had seen a stronger figure, it experienced a decline recently.


Read Bitcoin’s [BTC] Price Prediction 2024-25


However, it’s noteworthy that the ratio started the month below 1% and subsequently rose, reaching a peak of 10.75% at its highest point this month before experiencing a decline. 

Bitcoin 30-day MVRV

Source: Santiment

As the MVRV ratio was above 1% at press time, it indicated that, on average, crypto whales that accumulated Bitcoin recently still held their investments with a profit margin of over 1%.

Previous: Coinbase reports $1.4B revenue for Q2: How ETFs helped profits
Next: VanEck CEO: ‘Bitcoin will be half of gold market cap,’ can hit $350K

READ ALSO

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  • BTC is seeing a price decline.
  • The decline has not deterred whales from accumulating.

Crypto whale accumulation of Bitcoin [BTC] has picked up significantly in the last month.

See also  Peter Brandt turns to Bitcoin amid price corrections - Here’s why

Data indicated that these large holders have accumulated a substantial volume of BTC, which has led to an increase in the value of their holdings.

This trend suggested that high-net-worth investors are showing renewed confidence in Bitcoin, possibly anticipating future price increases.

Crypto whale take advantage of price drops

According to data from Lookonchain, a particular crypto whale address intensified its Bitcoin accumulation just as the previous month was ending.

In two days, this whale accumulated a total of 5,800 Bitcoin, valued at nearly $400 million. 

Specifically, the address withdrew 1,300 BTC on the 31st of July, following a withdrawal of 4,500 BTC the previous day. This accumulation occurred during a period when Bitcoin’s price experienced consecutive declines. 

From the 29th to the 31st of July, the BTC price chart showed a downward trend. Despite this decline, the whale’s significant accumulation indicates a bullish stance by large-scale investors.

Value of crypto whale holdings increase

According to data from IntoTheBlock, July saw a significant increase in Bitcoin holdings by crypto whales, marking a notable accumulation period.

Specifically, addresses that own at least 0.1% of BTC’s circulating supply added over 84,000 BTC to their holdings. 

This accumulation represents the largest single-month tally in BTC terms since October 2014, highlighting a substantial boost in whale activity.

Crypto whale balance

Source: IntoTheBlock

Further analysis revealed that accounts holding over $10 million worth of BTC have also seen an increase in the value of their holdings over recent months.

The increase culminated in a significant uptick at the end of the last month. 

As a result, the holdings of these addresses have now reached nearly $800 billion.

See also  SEC weighing Bitcoin ETF applications, says Gary Gensler

This figure accounts for over half of Bitcoin’s current market capitalization, underscoring the substantial influence that these large holders have on the market.

This trend of accumulation by whales can indicate bullish sentiment among key market participants, as they may anticipate higher prices in the future or see current levels as undervalued. 

Whales hold a 1% advantage

The analysis of the Bitcoin Market Value to Realized Value (MVRV) ratio revealed a slight increase to just over 1% at present. 

A recent deep dive into the data indicated that although the MVRV ratio had seen a stronger figure, it experienced a decline recently.


Read Bitcoin’s [BTC] Price Prediction 2024-25


However, it’s noteworthy that the ratio started the month below 1% and subsequently rose, reaching a peak of 10.75% at its highest point this month before experiencing a decline. 

Bitcoin 30-day MVRV

Source: Santiment

As the MVRV ratio was above 1% at press time, it indicated that, on average, crypto whales that accumulated Bitcoin recently still held their investments with a profit margin of over 1%.

Previous: Coinbase reports $1.4B revenue for Q2: How ETFs helped profits
Next: VanEck CEO: ‘Bitcoin will be half of gold market cap,’ can hit $350K
Tags: BTCBullishCryptoJulymarketscoopsshiftWhale

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