Bitcoin Whales Accumulate $5.4B in July Reaching Decade High
Two-way price volatility saw Bitcoin whales accumulate $5.4 Billion of BTC in July, capitalizing on market lows in the fastest scoop-up in a decade.
Large Bitcoin holders, or addresses owning at least 0.1% of BTC’s circulating supply, accumulated over 84,000 BTC in July, valued at $5.385 Billion, per IntoTheBlock and Trading View Data.
The move represented the highest since October 2014, when Bitcoin reached 11-month lows.
Similarly, last month’s accumulation was driven by bargain-hunting during the early July price dip below $55,000 and brief pauses during the recovery to $69,000.
This strategic accumulation displays confidence and a strong belief that the prolonged consolidation phase between $50,000 and $70,000 will eventually end with a bullish breakout.
This accumulation precedes the anticipation of an upcoming US Federal Reserve interest rate cut. According to CME’s FedWatch tool, traders estimate the probability of a September 5.25 – 5.00% ease at 86.5%, from its current 5.25% – 5.50%.
This follows Federal Reserve Chair Jerome Powell’s comments on Wednesday, which indicated a potential rate cut coming as soon as September.
Volatility Alert
Read more on cryptonews.com
