{"id":466863,"date":"2021-07-05T23:00:01","date_gmt":"2021-07-05T23:00:01","guid":{"rendered":"https:\/\/wncen.com\/?p=466863"},"modified":"2024-06-11T13:56:50","modified_gmt":"2024-06-11T13:56:50","slug":"bitcoin-whales-buy-60000-bitcoins","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-whales-buy-60000-bitcoins\/","title":{"rendered":"Bitcoin Whales Accumulate 60,000 Bitcoins In A Day. What Happens Now?"},"content":{"rendered":"

Bitcoin whales have resumed accumulating coins in what has turned out to be the biggest Bitcoin accumulation event in 2021.\u00a0 <\/span>A number of Bitcoin whales addresses that currently hold a number of 100 to 10,000 bitcoins in their wallet accumulated over 60,000 bitcoins in a single day.<\/p>\n

Lately, Bitcoin has been sluggish in the market due to a high number of sell-offs and not enough people buying back in the coin. But over the past six weeks, the whale wallets have accumulated over 100k bitcoins. With over 60% of these Bitcoins being bought in just one day.<\/p>\n

Related Reading |\u00a0Bitcoin Whale Warns Of \u201cNovember 2018 Vibes.\u201d What This Means<\/a><\/strong><\/em><\/p>\n

This accumulation event sent the coin price shooting up. This helped Bitcoin to break the $35,000 price point which it had been struggling to break since the crash from $64k began.<\/p>\n

Imminent Bitcoin Squeeze?<\/h2>\n

No doubt that wealthy investors bringing their money back into the market are always a good thing. More money coming into the market is always the best way to get the price of assets up. But it also begs the question of the intentions of the Bitcoin whales for accumulating such a high amount of Bitcoin in the space of 24 hours.<\/p>\n

A squeeze could be a plausible reason. Putting millions into the markets sees the prices shoot up. And when prices shoot up, whales can sell the coins that they got for a higher price.<\/p>\n

Although with over nine million coins held across these whale wallets, it could be safe to think that these are not weak hands in the market just looking to make a quick buck.<\/p>\n

A down market has always been a buying opportunity for whales, and it seems they are taking full advantage of the opportunity.<\/p>\n

Related Reading |\u00a0Why Bitcoin Could Still Hit $100K This Year<\/a><\/strong><\/em><\/p>\n

The Bitcoin market had succumbed to the massive FUD coming out of China with the Bitcoin mining bans and crypto trading bans. Furthermore, the announcement from Tesla CEO Elon Musk that the automaker would not be accepting Bitcoin<\/a> anymore further helped to drive the coin price down. Musk had said the company would start accepting Bitcoin payments again when a milestone of 50% green Bitcoin mining was reached.<\/p>\n

Retail investors have had to watch the coin price crash after an impressive run. And continue downward for what has been a couple of brutal months.<\/p>\n

But now, it seems that faith is returning to the market.<\/p>\n

Kickstarting The Next Bull Run<\/h2>\n

So far, July is off to a good start with the news of the whale accumulation. 60K bitcoins across a number of large Bitcoin holders have seen the price of Bitcoin spiked.<\/p>\n

In the last 24 hours, the price of Bitcoin briefly hit over $35,800. Before losing momentum and falling back down to a current price of $34,400 at the time of writing this article.<\/p>\n

\"Bitcoin<\/p>\n

Bitcoin briefly hit $35K as whales accumulated Bitcoin | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Bull runs are always started by the same thing; scarcity. People buy large amounts of coins, hold them, thereby creating scarcity in the market. With fewer coins going around in the market, investors who are willing to buy are buying at higher prices in order to beat out the competition.<\/p>\n
Once the demand for the coin starts to exceed supply, then the price starts seeing a surge.<\/p>\n
The current accumulation by the Bitcoin whales means that they have just removed 60k bitcoins from the market and are currently holding it in their wallets. And according to Santiment<\/a>, these whales hold almost half of the circulating supply of bitcoins.<\/p>\n
These coin accumulations were recorded across wallets holding 100 to 10,000 bitcoins. They have increased their holdings by 100,000 bitcoins in a month and a half. At the same time, the holdings of wallets holding 10,000 to 100,000 bitcoins have dropped by nearly the same amount<\/a>.<\/p>\n
Featured image from Fox Business, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin whales have resumed accumulating coins in what has turned out to be the biggest Bitcoin accumulation event in 2021.\u00a0 A number of Bitcoin whales addresses that currently hold a number of 100 to 10,000 bitcoins in their wallet accumulated over 60,000 bitcoins in a single day. Lately, Bitcoin has been sluggish in the market due to a high number of sell-offs and not enough people buying back in the coin. But over the past six weeks, the whale wallets have accumulated over 100k bitcoins. With over 60% of these Bitcoins being bought in just one day. Related Reading |\u00a0Bitcoin Whale Warns Of \u201cNovember 2018 Vibes.\u201d What This Means This accumulation event sent the coin price shooting up. This helped Bitcoin to break the $35,000 price point which it had been struggling to break since the crash from $64k began. Imminent Bitcoin Squeeze? No doubt that wealthy investors bringing their money back into the market are always a good thing. More money coming into the market is always the best way to get the price of assets up. But it also begs the question of the intentions of the Bitcoin whales for accumulating such a high amount of Bitcoin in the space of 24 hours. A squeeze could be a plausible reason. Putting millions into the markets sees the prices shoot up. And when prices shoot up, whales can sell the coins that they got for a higher price. Although with over nine million coins held across these whale wallets, it could be safe to think that these are not weak hands in the market just looking to make a quick buck. A down market has always been a buying opportunity for whales, and it seems they are taking full advantage of the opportunity. Related Reading |\u00a0Why Bitcoin Could Still Hit $100K This Year The Bitcoin market had succumbed to the massive FUD coming out of China with the Bitcoin mining bans and crypto trading bans. Furthermore, the announcement from Tesla CEO Elon Musk that the automaker would not be accepting Bitcoin anymore further helped to drive the coin price down. Musk had said the company would start accepting Bitcoin payments again when a milestone of 50% green Bitcoin mining was reached. Retail investors have had to watch the coin price crash after an impressive run. And continue downward for what has been a couple of brutal months. But now, it seems that faith is returning to the market. Kickstarting The Next Bull Run So far, July is off to a good start with the news of the whale accumulation. 60K bitcoins across a number of large Bitcoin holders have seen the price of Bitcoin spiked. In the last 24 hours, the price of Bitcoin briefly hit over $35,800. Before losing momentum and falling back down to a current price of $34,400 at the time of writing this article. Bitcoin briefly hit $35K as whales accumulated Bitcoin | Source: BTCUSD on TradingView.com Bull runs are always started by the same thing; scarcity. People buy large amounts of coins, hold them, thereby creating scarcity in the market. With fewer coins going around in the market, investors who are willing to buy are buying at higher prices in order to beat out the competition. Once the demand for the coin starts to exceed supply, then the price starts seeing a surge. The current accumulation by the Bitcoin whales means that they have just removed 60k bitcoins from the market and are currently holding it in their wallets. And according to Santiment, these whales hold almost half of the circulating supply of bitcoins. These coin accumulations were recorded across wallets holding 100 to 10,000 bitcoins. They have increased their holdings by 100,000 bitcoins in a month and a half. At the same time, the holdings of wallets holding 10,000 to 100,000 bitcoins have dropped by nearly the same amount. Featured image from Fox Business, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":466864,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,19064,1119,1144,78790,79520],"class_list":["post-466863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-whales","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtcusd"],"acf":[],"yoast_head":"\nBitcoin Whales Accumulate 60,000 Bitcoins In A Day. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Whales Accumulate 60,000 Bitcoins In A Day. 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