Bitcoin (BTC) price recovered to trade over the vital $21K price level. However, it is still trading down by 30% over the past 30 days. Meanwhile, major whales have grabbed the opportunity to increase their BTC holdings.
Bitcoin dropped 56% in 2nd quarter
According to the Santiment, Bitcoin whales which hold 10 to 100 BTCs have gone on to capitalize on the recent dip. They have added around 52K more Bitcoins to their wallets over the past 5 weeks.
In the meantime, Bitcoin’s price has retraced by -27%. This accumulation has increased their Bitcoin holding to 4.29 million.
Bitcoin is trading at an average price of $21,675, at the press time. Its prices have managed to jump by 13% in the last 7 days. However, its price has registered the worst price drop quarterly wise in the last 11 years.
Prices dropped by 56% in the second quarter of 2022. This has been the 2nd worst performance by BTC in its history quarterly wise. This price movement has motivated the whales to add more tokens.
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Whales on a buying spree
Meanwhile, Bitcoin’s 24 hour trading volume has jumped by $54.5 billion. However, Its dominance has increased with the recent price surge. As per the report, the global crypto market has been affected by an unfavorable macroeconomic outlook.
Coingape reported that BTC price collapsed by over 37% in the month of June 2022. The largest of the BTC whale went on to add 786 Bitcoins in the first week of July. It added more than $16 million worth of BTCs. The whale is now holding over $132K Bitcoins. It is now valued at around $2.6 billion.
Glassnode noted that the whales holding over 1,000 BTC have been on a major buying spree recently. These whales have been accumulating approx 140K BTCs per month and that too directly from the exchanges. Whales hold around 8.7 million Bitcoins. It is being calculated as around 45.6% of the supply.
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