Bitcoin Whales Make Massive Move as Bitcoin Price Surges to $65K – Are Bulls Back?

The post Bitcoin Big Whale Increasing Their BTC Holding Amid Market Dip appeared first on Coinpedia Fintech News

Bitcoin’s price has been declining for the last few months as it dropped by 17%, reaching its lowest level since February 2024. Despite a recent dip in Bitcoin’s price, large-scale investors, and sharks, are steadily increasing their holdings. This trend hints that these investors are buying the dip.  Large Whale Accumulating More BTC According to …

Bitcoin Whales Make Massive Move as Bitcoin Price Surges to $65K – Are Bulls Back?

The post Bitcoin Big Whale Increasing Their BTC Holding Amid Market Dip appeared first on Coinpedia Fintech News

Bitcoin’s price has been declining for the last few months as it dropped by 17%, reaching its lowest level since February 2024. Despite a recent dip in Bitcoin’s price, large-scale investors, and sharks, are steadily increasing their holdings. This trend hints that these investors are buying the dip. 

Large Whale Accumulating More BTC

According to blockchain analytics platform Santiment, the number of Bitcoin whale and shark wallets is rising. These large holders are increasing their holdings, suggesting a strong belief in Bitcoin’s long-term potential.

Throughout July, there has been a net increase of 261 wallets holding at least 10 BTC. This uptick in large wallets indicates that big players are accumulating Bitcoin even as prices dip, a move often seen as a sign of confidence in the cryptocurrency’s future growth.

On the flip side of the behavior of these large holders, small traders have been selling off their Bitcoin during this dip period. This sell-off by smaller investors could be driven by fear and uncertainty in the market. Still, the accumulation of whales and sharks points to a clashing sentiment among experienced and larger investors.

Bitcoin’s Price Trend

While large Bitcoin holders, continue to accumulate, certain metrics suggest caution for a short-term price surge. Recently, Bitcoin experienced a 15% drop from its mid-March peak of over $73,500.

This decline has sparked concerns about the sustainability of Bitcoin’s upward trend. According to CryptoQuant, Bitcoin has now entered a risk zone based on the 60-day Realized Market Capitalization Variance (RCV). This metric, which tracks the two-month change in Bitcoin’s realized capitalization relative to its current market value, indicates potential shifts in market dynamics.

The RCV is particularly useful for long-term investment strategies like Dollar Cost Averaging (DCA). Despite the current risk zone, there is still potential for growth. Readings near 0.70 on the RCV suggest that higher market valuations for Bitcoin could be on the horizon.

Long-Term Bullish Outlook

The increase in whale and shark wallets should provide comfort to traders concerned about the current market conditions. The actions of these large holders suggest a belief in a long-term bullish future for Bitcoin, despite short-term volatility.