Crypto Whales Have Amassed Over $300 Million Worth of Bitcoin in the Last Month

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.