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Sujit Kumar
Jul 11, 2024

Bitcoin Whales and Sharks Accumulate Amid Price Dip

bitcoin whales increasing holding
Bitcoin’s price has been declining over the past few months, dropping by 17% to its lowest level since February 2024. Despite this dip, large-scale investors and sharks are steadily increasing their holdings, hinting that these investors are buying the dip.

According to blockchain analytics platform Santiment, the number of Bitcoin whale and shark wallets is on the rise. Throughout July, there has been a net increase of 261 wallets holding at least 10 BTC. This trend suggests strong confidence in Bitcoin’s long-term potential, as these large holders continue to accumulate despite the price drop.

Small Traders Sell Off Amid Market Uncertainty

Conversely, small traders have been selling off their Bitcoin during this dip period. This sell-off by smaller investors could be driven by fear and uncertainty in the market. However, the accumulation by whales and sharks points to a differing sentiment among experienced and larger investors.

Bitcoin’s Price Trend and Market Metrics

While large Bitcoin holders continue to accumulate, certain metrics suggest caution for a short-term price surge. Recently, Bitcoin experienced a 15% drop from its mid-March peak of over $73,500. This decline has sparked concerns about the sustainability of Bitcoin’s upward trend.

According to CryptoQuant, Bitcoin has now entered a risk zone based on the 60-day Realized Market Capitalization Variance (RCV). This metric tracks the two-month change in Bitcoin’s realized capitalization relative to its current market value, indicating potential shifts in market dynamics. Despite the current risk zone, readings near 0.70 on the RCV suggest that higher market valuations for Bitcoin could be on the horizon.

Long-Term Bullish Outlook

The increase in whale and shark wallets should provide comfort to traders concerned about the current market conditions. The actions of these large holders suggest a belief in a long-term bullish future for Bitcoin, despite short-term volatility. This accumulation by significant investors underscores a strong confidence in the cryptocurrency’s potential for growth.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Bitcoin Whales and Sharks Accumulate Amid Price Dip
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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