The latest data from cryptocurrency analytics firm IntoTheBlock reveals that Bitcoin whales have begun aggressively buying the largest cryptocurrency after its price fell below the $60,000 mark.
This suggests strong buying interest from large holders. Over the past month, wallets holding over 0.1% of the total Bitcoin supply have seen net inflows of approximately 55,000 BTC.
The chart below shows the netflow of wallets holding more than 0.1% of the Bitcoin supply.
This data shows that over the past 30 days, large Bitcoin whales had a positive netflow of more than 55k $BTC, signaling accumulation.
The peak in this accumulation was strongest when… pic.twitter.com/mihjYBHINw
— IntoTheBlock (@intotheblock) July 3, 2024
Yesterday, pseudonymous crypto analyst Ali Martinez noted that there are “early signs” of a Bitcoin hoarding. This accumulation phase appears to follow three months of distribution. CryptoQuant’s Ki Yong Ju recently mentioned that the sideways movement of Bitcoin’s price could be a good buying opportunity for investors.
He believes that despite the negative market sentiment, Bitcoin remains in a bullish trend.
On Wednesday, Bitcoin dropped to an intraday low of $59.12, prompting renowned financial expert Peter Schiff to predict a significant correction. However, the bulls are determined to maintain the key $60,000 level.
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