{"id":629692,"date":"2024-07-14T04:30:29","date_gmt":"2024-07-14T04:30:29","guid":{"rendered":"https:\/\/uniquehot.com\/?p=629692"},"modified":"2024-07-14T06:26:34","modified_gmt":"2024-07-14T06:26:34","slug":"bitcoin-whales-accumulate-71000-btc-amidst-price-dip-details","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-whales-accumulate-71000-btc-amidst-price-dip-details\/","title":{"rendered":"Bitcoin Whales Accumulate 71,000 BTC Amidst Price Dip &#8211; Details"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The price of Bitcoin has continued a mild recovery in the last 24 hours following the recent price plunge in the first week of July. According to <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\">data from CoinMarketCap,<\/a> BTC is up by 1.11% in the last day as the market bulls appear to gather momentum for a full-price rebound. <\/span><span style=\"font-weight: 400\">Interestingly, the on-chain analysis platform, IntoTheBlock has provided some insights into the resilient behaviors of these Bitcoin optimists amidst the current market downtrend.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-lags-behind-sp-500-signaling-potential-bullish-catch-up\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Lags Behind S&amp;P 500, Signaling Potential Bullish Catch-Up<\/a><\/div>\n<h2><strong>Bitcoin Whales Acquire 71,000 BTC In One Week &#8211; Is A Price Rebound On?<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In<a href=\"https:\/\/twitter.com\/intotheblock\/status\/24667642?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E24667642%7Ctwgr%5E5996a35c93b6545fb9d1da86d6d213357feb46a2%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcoingape.com%2Fbitcoin-whales-ingest-71k-btc-in-1-week-price-rebound-ahead%2F\" target=\"_blank\" rel=\"noopener nofollow\"> an X post on Saturday<\/a>, IntoTheBlock reported that Bitcoin whales (i.e. typically wallets that hold over 1,000 BTC) have purchased 71,000 BTC in the past week, as they took advantage of the token\u2019s recent price loss to increase their holdings.<\/span><\/p>\n<p><span style=\"font-weight: 400\">For context, the premier cryptocurrency crashed by over 14% at the start of July as the <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/total-depletion-of-german-bitcoin-reserves-wallet-left-with-zero-btc\/\" target=\"_blank\" rel=\"noopener \">German government<\/a> actively offloaded its $3.3 billion (50,179 BTC) among other reasons. As expected, this massive selling pressure translated into the asset recording a significant price loss as its price slipped below the $54,000 mark.<\/span><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin whales added 71K BTC to their wallets this week, as they capitalized on the recent price decrease <a href=\"https:\/\/t.co\/fBeEGUP6P8\" rel=\"nofollow\">pic.twitter.com\/fBeEGUP6P8<\/a><\/p>\n<p>&mdash; IntoTheBlock (@intotheblock) <a href=\"https:\/\/twitter.com\/intotheblock\/status\/24667642?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 13, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">However, the Bitcoin whales have expressed full confidence in the token\u2019s long-term profitability by moving to acquire 71,000 BTC at these current low prices, providing enough buying pressure to march the selling spree by the German government.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This massive buying act could spur other retail and shark investors to increase their Bitcoin holdings and eventually contribute to a price rebound for the crypto market leader. Already, BTC has shown signs of a price recovery this week, rising by over 9% since Monday to trade above $59,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Interestingly, this development comes a week after popular crypto critic Peter Schiff <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-critic-calls-institutional-demand-a-myth-following-recent-price-slump\/\" target=\"_blank\" rel=\"noopener \">called<\/a> the reported institutional demand for BTC a myth. Schiff stated that if such demand existed, it would have consumed the massive amount of Bitcoin being sold thus preventing the recent price decline.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/is-altcoin-season-around-the-corner-bitcoin-halving-points-to-potential-boom-analyst-reveals\/\" target=\"_blank\" rel=\"noopener \">Is Altcoin Season Around the Corner? Bitcoin Halving Points to Potential Boom, Analyst Reveals Although Bitcoin recent price<\/a><\/div>\n<h2><strong>Bitcoin Spot ETF Maintains Green Patch For Six Days<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In other news, the BTC Spot ETF recorded a net inflow of $310 million on July 12 marking a sixth consecutive day of net inflows. According to data from <a href=\"https:\/\/sosovalue.com\/assets\/etf\/us-btc-spot\" target=\"_blank\" rel=\"noopener nofollow\">Sosovalue,<\/a> the BlackRock ETF IBIT had the highest inflow of $120.03 million followed by Fidelity\u2019s FBTC with $115.14 million. Meanwhile, Invesco\u2019s BTCO accounted for the smallest daily investment valued at $4.03 million.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin continues to trade at $59,539, reflecting a 2.56% gain in the past seven days. However, the market leader remains in the red zone on the monthly chart, with a loss of 10.96%.\u00a0<\/span><\/p>\n<figure style=\"width: 1480px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/gX4kctXM\/\" alt=\"Bitcoin\" width=\"1480\" height=\"893\"><figcaption class=\"wp-caption-text\">BTC trading at $59,559 on the daily chart | Source: BTCUSDT chart on Tradingview.com<\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\"><em>Featured image from Yahoo Finance, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The price of Bitcoin has continued a mild recovery in the last 24 hours following the recent price plunge in the first week of July. According to data from CoinMarketCap, BTC is up by 1.11% in the last day as the market bulls appear to gather momentum for a full-price rebound. Interestingly, the on-chain analysis platform, IntoTheBlock has provided some insights into the resilient behaviors of these Bitcoin optimists amidst the current market downtrend. Related Reading: Bitcoin Lags Behind S&amp;P 500, Signaling Potential Bullish Catch-Up Bitcoin Whales Acquire 71,000 BTC In One Week &#8211; Is A Price Rebound On? In an X post on Saturday, IntoTheBlock reported that Bitcoin whales (i.e. typically wallets that hold over 1,000 BTC) have purchased 71,000 BTC in the past week, as they took advantage of the token\u2019s recent price loss to increase their holdings. For context, the premier cryptocurrency crashed by over 14% at the start of July as the German government actively offloaded its $3.3 billion (50,179 BTC) among other reasons. As expected, this massive selling pressure translated into the asset recording a significant price loss as its price slipped below the $54,000 mark. &nbsp; However, the Bitcoin whales have expressed full confidence in the token\u2019s long-term profitability by moving to acquire 71,000 BTC at these current low prices, providing enough buying pressure to march the selling spree by the German government.\u00a0 This massive buying act could spur other retail and shark investors to increase their Bitcoin holdings and eventually contribute to a price rebound for the crypto market leader. Already, BTC has shown signs of a price recovery this week, rising by over 9% since Monday to trade above $59,000.\u00a0 Interestingly, this development comes a week after popular crypto critic Peter Schiff called the reported institutional demand for BTC a myth. Schiff stated that if such demand existed, it would have consumed the massive amount of Bitcoin being sold thus preventing the recent price decline. Related Reading: Is Altcoin Season Around the Corner? Bitcoin Halving Points to Potential Boom, Analyst Reveals Although Bitcoin recent price Bitcoin Spot ETF Maintains Green Patch For Six Days In other news, the BTC Spot ETF recorded a net inflow of $310 million on July 12 marking a sixth consecutive day of net inflows. According to data from Sosovalue, the BlackRock ETF IBIT had the highest inflow of $120.03 million followed by Fidelity\u2019s FBTC with $115.14 million. Meanwhile, Invesco\u2019s BTCO accounted for the smallest daily investment valued at $4.03 million.\u00a0 At the time of writing, Bitcoin continues to trade at $59,539, reflecting a 2.56% gain in the past seven days. However, the market leader remains in the red zone on the monthly chart, with a loss of 10.96%.\u00a0 Featured image from Yahoo Finance, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":629695,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[19064,1144,78790,79112],"class_list":["post-629692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin-whales","tag-btcusd","tag-btcusdt","tag-intotheblock"],"acf":[],"yoast_head":"\n<title>Bitcoin Whales Accumulate 71,000 BTC Amidst Price Dip - Details<\/title>\n<meta name=\"description\" content=\"IntoTheBlock has provided some insights into the resilient behaviors of these Bitcoin optimists amidst the current market downtrend.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-whales-accumulate-71000-btc-amidst-price-dip-details\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Whales Accumulate 71,000 BTC Amidst Price Dip - Details\" \/>\n<meta property=\"og:description\" content=\"IntoTheBlock has provided some insights into the resilient behaviors of these Bitcoin optimists amidst the current market downtrend.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-whales-accumulate-71000-btc-amidst-price-dip-details\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-14T04:30:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-14T06:26:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/65911b939b051a643a33a36bcc8cb763.jpeg?fit=800%2C528\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"528\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Semilore Faleti\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/SemiloreFaleti\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Semilore Faleti\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-whales-accumulate-71000-btc-amidst-price-dip-details\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-whales-accumulate-71000-btc-amidst-price-dip-details\/\"},\"author\":{\"name\":\"Semilore Faleti\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/6280b76d69630ffb2f2fa78670d85d49\"},\"headline\":\"Bitcoin Whales Accumulate 71,000 BTC Amidst Price Dip &#8211; 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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