Key Points
- Bitcoin (BTC) accumulation appears to be on the rise as prices stay below $60,000.
- Despite market uncertainty, Bitcoin whales are increasing their holdings.
Bitcoin Accumulation Phase
The accumulation phase of Bitcoin (BTC) seems to have kicked off, with the cryptocurrency’s price lingering under the $60,000 mark for the past week.
Glassnode data reveals a significant increase in the BTC accumulation trend, rising from 0.05 on June 1 to 0.44 as of July 10. Such levels have not been observed since April 11 when Bitcoin was trading at $70,000.
Market Uncertainty and Whale Activity
This rise in accumulation coincided with the German government liquidating its Bitcoin holdings over the past week. This action sparked a bearish momentum across the market, resulting in Bitcoin’s price dropping below $54,000.
CryptoQuant reported on July 10 that Bitcoin whales began to accumulate the asset amid market uncertainty, increasing their holdings at a monthly rate of 6.3%.
According to Glassnode, the number of whales holding a minimum of 1,000 BTC, approximately $58.2 million at the time of reporting, increased from 1,640 on July 1 to 1,643 on July 10. This suggests that large investors anticipate a market recovery despite the bearish sell-offs triggered by the German government.
In recent news, Bitcoin and many major altcoins have experienced a downward trend ahead of the release of U.S. inflation data. The global crypto market capitalization has decreased by 1% and currently stands at $2.24 trillion.
Bitcoin has seen a 1.35% decrease in the past 24 hours and is trading at $58,200 at the time of writing. The asset’s market cap is approximately $1.14 trillion, with a daily trading volume of around $25 billion.
