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.
Bitcoin Whales Acquire 71,000 BTC In One Week – 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’s 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.
Bitcoin whales added 71K BTC to their wallets this week, as they capitalized on the recent price decrease pic.twitter.com/fBeEGUP6P8
— IntoTheBlock (@intotheblock) July 13, 2024
However, the Bitcoin whales have expressed full confidence in the token’s 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.
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.
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.
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’s FBTC with $115.14 million. Meanwhile, Invesco’s BTCO accounted for the smallest daily investment valued at $4.03 million.
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%.
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