Bitcoin whales took full advantage of the crypto market slump earlier this month, accumulating 71,000 Bitcoin amid the fastest rate of Bitcoin stacking since April 2023.

Much of that Bitcoin BTC $61,347 — worth $4.3 billion at current prices — was scooped up when Bitcoin retraced to $54,200 on July 5

Bitcoin whales have been accumulating BTC at an impressive rate. According to a chart from cryptocurrency analytics firm IntoTheBlock, a large portion of that Bitcoin — valued at $4.3 billion at current prices — was acquired when the cryptocurrency retraced to $54,200 on July 5.

This rapid accumulation by Bitcoin whales is further highlighted by CryptoQuant data, which shows that they have been stacking Bitcoin at the fastest rate (on a 30-day moving average) since April 2023. This period followed the collapse of several local banks in the United States.

“This suggests that the bottoming out of #BTC may be nearly complete,” added CryptoQuant analyst Minkyu Woo in a separate X post.

Smaller traders, on the other hand, have been selling off their bags during the current dip, according to cryptocurrency analytics firm Santiment.

“As the market dipped below $61k on the first trading day of the second half of 2023, smaller traders (defined as those holding less than 10 BTC) showed signs of panic-selling,” a Santiment analysis noted on July 11.

“However, large traders (those holding 10 to 100k BTC) continued accumulating.”

Santiment also observed a 261 net increase in the number of Bitcoin wallets holding at least 10 Bitcoin over the first 10 days of July. According to the firm, this metric serves as a crucial indicator of long-term bullish trends.

“This observed behavior from smaller traders tends to coincide with local tops, while larger traders' behavior aligns with market bottoms,” added the Santiment analysis.

“This should give traders comfort in a long-term bullish future.”

One dormant Bitcoin whale also made a significant move on July 14. According to Whale Alert, the whale transferred 1,000 Bitcoin, valued at nearly $60 million at the time of writing, from a wallet that had been inactive for 12 years to two new wallets.

Bitcoin is currently trading at $60,850, down 8.1% over the last month. The recent price slump has been largely attributed to events such as Mt. Gox preparing to offload $8 billion to its creditors and the German government selling nearly 50,000 Bitcoin — valued at $3 billion.

Despite the downturn, Bitcoin showed signs of a price recovery over the weekend, breaking the $60,000 resistance barrier and increasing 6% since trading hours closed on Friday.

This included a sharp increase immediately after U.S. presidential candidate Donald Trump survived an assassination attempt while speaking on stage at a rally in Butler, Pennsylvania, on July 13.

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