Bitcoin Whales Accumulate $5 Billion Worth of BTC in July, Signaling Bullish Trend
In July, large Bitcoin holders accumulated 84,000 BTC. The value of these Bitcoins is approximately $5 billion. This marks the highest monthly accumulation since 2014
Large Bitcoin (CRYPTO: BTC) holders have been accumulating the apex cryptocurrency in droves amid the recent market volatility.
According to Ash Crypto, a well-known cryptocurrency trader, large Bitcoin holders accumulated 84,000 BTC in July — valued at roughly $5 billion. This marks the highest monthly accumulation since 2014.
“LARGE HOLDERS ACCUMULATED 84,000 BITCOIN WORTH $5 BILLION IN JULY. THIS IS THE HIGHEST MONTHLY ACCUMULATION SINCE 2014. GIGA BULLISH,” Ash Crypto wrote in a tweet.
The news comes after it was reported that new whales sold a collective $688 million in BTC on Aug. 5. This on-chain statistic was highlighted as Bitcoin's price plunged 15% on Monday, hitting $49,188.
However, these whales largely maintained their stakes in initial coin offerings for investment purposes.
After these declines, Bitcoin showed a powerful bounce back, which is renewing the hopes of investors for a further up move.
These recent price movements have also catalyzed the activities of large investors into buying more stocks.
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