- Bitcoin network’s large wallet investors, whales and sharks have scooped up 154,500 BTC over the past seven weeks.
- BTC closed June at $30,469, its largest monthly close in the past thirteen months, fueling a bullish thesis for the asset.
- Experts at Santiment believe Bitcoin price is likely to recover in July with a big chunk of BTC buying within the past two weeks.
Bitcoin network’s whale and shark addresses, holding large volumes of BTC have consistently accumulated the token over the past seven weeks. In the past two weeks, accumulation of Bitcoin picked up pace, as whales engaged in “buying the dip.”
BTC closed June at $30,469, the highest monthly close in the past thirteen months, fueling the thesis for a recovery in the asset in July.
Bitcoin whales accumulate BTC ahead of likely recovery
Based on data from crypto intelligence tracker Santiment, Bitcoin’s whale and shark addresses accumulated 154,500 BTC within a seven week period between April 2023 and the time of writing. Over the past two weeks, the pace of Bitcoin accumulation intensified.
Bitcoin whale accumulation
BTC whale wallets holding between 10 and 10,000 tokens now control 67% of the total supply of the asset. This fuels a bullish thesis for the asset as whale holdings keep the selling pressure off the asset and increase potential for a recovery in Bitcoin price.
Bitcoin closes June at highest level seen in 13 months
Plan B, one of the largest Bitcoin influencers and analysts on crypto Twitter noted that Bitcoin closed June at $30,469. This is the highest monthly close that the asset has seen in thirteen months and it makes it likely that BTC begins its recovery in July and wipes out losses from June 2023.
Bitcoin highest monthly close in 13 months
For the last three years, Bitcoin has closed July profitable for holders. These factors make it likely that BTC price recovers from the SEC’s crackdown on crypto exchanges and regulation and makes a comeback.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.