The price of Bitcoin (BTC) has been trading between two price levels of $ 17k- $ 20k over the past week. While the market is still under pressure, there are groups of ‘whales’ that have added holdings amid the decline.
The price of the world’s largest cryptocurrency has dropped by 9% in the past 7 days. This price movement has prompted the third largest BTC ‘whale’ group to add more units. Based on tokenview findings, this BTC Whale has bought 787 Bitcoins since early July. The data illustrates that around 601 BTC were added by the same wallet on July 1, 2022. The transaction cost $ 12.94 million.
The BTC ‘Whale’ added another 186 units of BTC on July 2, 2022, which has cost a transaction cost of $ 3.8 million. The wallet now holds more than 132,189 Bitcoins (worth approximately $ 2.59 billion).
The BTC price recorded some positive spikes with a spike of 3% in the last 24 hours. Bitcoin is trading at an average price of $ 19,694.09, at the time of writing. At the same time, its 24 -hour trading volume jumped 5% to $ 17.56 billion.
This indication carries a signal that the ‘whale’ group has made a purchase amid the fall in BTC prices. The co-founder of Glassnode on a different side gave some emphasis that BTC price action has been trading between the $ 18- $ 2k level over the past two weeks. However, the BTC trading volume in June was 30% in ‘spot’ trading and 11% in Derivatives. Meanwhile, he added that the market is waiting for the Fed’s reaction to inflationary pressures.
According to Glassnode, the ‘whale’ group holding more than 1k BTC has aggressively increased its BTC holdings. This also shows that the accumulation of BTC ‘whales’ is in line with the structure of the BTC market. However, the whale group now holds 8.69 million Bitcoins which is 45.6% of the supply.
