July has gone down as a volatile month for Bitcoin (BTC). The Bitcoin price has rallied strongly after its previous sharp correction, but ended the month on a major downer. The high volatility has not stopped the largest Bitcoin holders in the ecosystem from adding to their holdings.
In fact, the big boys have accumulated a record $5.4 billion worth of Bitcoin over the past month, suggesting their confidence in BTC’s future remains undiminished.
Whales buy over 84,000 BTC
Data from IntoTheblock shows that all Bitcoin wallet addresses holding at least 0.1% of the circulating supply have collectively purchased $5.4 billion worth of Bitcoin over the past month. This would equate to a whopping 84,000 BTC in total.
It marks the largest buying wave of these richly-stocked BTC wallets since October 2014, underscoring their significance.
There are currently approximately 19.734 million Bitcoins in circulation, which means that 0.1% is equal to almost 20,000 Bitcoins. At the current BTC price, this mountain carries a value of almost $1.3 billion.
The fact that these big investors continue to accumulate new Bitcoins at a rapid pace indicates a strong bullish sentiment. Although the BTC price has been stuck in a difficult range between $60,000 and $70,000 for months, the big boys still seem to anticipate a bull market like we have seen in the past after Bitcoin halvings.
Bitcoin price in trouble
This week, the bulls have once again failed to gain ground above the magical $70,000 mark. Several factors have pushed the price down sharply in recent days: the US government moving billions of dollars in Bitcoins, the infamous Mt. Gox that seems to be taking new steps in its dreaded refund process with large transactions and rising tensions in the Middle East.
The BTC price is now just above $64,000, putting the record price of almost $74,000 set in March out of sight again.
One bright spot is that Jerome Powell, the chairman of the US central bank, sounded somewhat positive during his press conference yesterday and indicated that the first rate cut could possibly come in September. The rate was also left unchanged yesterday at 5.25% – 5.50%, but that was no surprise.
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Source: https://newsbit.nl/grote-bitcoin-bezitters-kopen-voor-recordbedrag-van-54-miljard-aan-btc/
