As the price of Bitcoin (BTC) returns below the recently retaken critical threshold of $31,000, the largest holders of the maiden cryptocurrency continue to use the relatively lower price to accumulate more of it, and this amount is persistently recording new highs.
Indeed, Bitcoin whales, or holders of between 1,000 and 10,000 BTC, have grown their possessions by 90,000 BTC worth over $2.5 billion in a single month, according to the data observed by crypto trading analyst Ali Martinez in a tweet on July 11.
Specifically, as the chart shared by Martinez demonstrates, these large Bitcoin holders held 4.69 million BTC as of July 10, up from 4.6 million BTC just one month before – on June 10 – in what is the continuation of the Bitcoin ‘hodling‘ trend from earlier.
As it happens, until June 20, crypto wallets holding between 1,000 and 10,000 BTC had collectively amassed around 131,600 BTC (worth $3.5 billion at the time) over the period of 11 weeks. Earlier, in mid-June, Finbold reported on the bullish divergence between whale holdings, which had been growing by around 1,000 BTC per day, and the asset’s falling prices.
Bitcoin price analysis
As things stand, Bitcoin is currently changing hands at the price of $30,545, indicating an increase of 1.45% on the day, a 1.52% decline across the previous week, and an 18.39% gain on its monthly chart, according to the latest data retrieved by Finbold on July 11.
All things considered, it seems that Bitcoin whales are taking advantage of the ongoing price stagnation of the flagship decentralized finance (DeFi) asset to grow their possessions in preparation for the potential rally as the Bitcoin halving event approaches.
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