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Bitcoin Whales Continue to Buy: Will the Rally Continue in July?

  • According to the data from on-chain analytics firm Santiment, BTC whales and sharks have continued to make more purchases over the past two weeks.
  • Since the movements of whales and sharks can have noticeable effects on the market, it is important to monitor their behavior.
  • While whales are completing their sales, the asset price has reached a local peak and has been declining for several months.

According to the latest data, Bitcoin whales and sharks have continued to accumulate BTC in the past 2 weeks; Over 154,000 BTC accumulation in the past 7 weeks!

BTC Whales Continue to Accumulate

bitcoin-balina (1)
According to the data from on-chain analytics firm Santiment, BTC whales and sharks have continued to make more purchases over the past two weeks. The relevant indicator here is “Supply Distribution,” which shows the total amount of Bitcoin currently held by each address group in the market.

Addresses are divided into these address groups based on the total number of coins they currently hold in their balances. For example, the 1-10 coin group includes all investors who currently hold between 1 and 10 BTC. In the context of the current discussion, the examined groups are “sharks” and “whales.” These are investors who generally hold significant amounts in their wallets, and their coin range can be defined as 10-10,000 coins.

Due to the large amounts they hold in their wallets, these investors can have some impact on the market. Of course, whales carry significant power in the industry as they are larger than these two groups. Since the movements of whales and sharks can have noticeable effects on the market, it is important to monitor their behavior. The Supply Distribution of this coin range can provide clues specifically related to them.

Here is a chart showing how the supply of these investors has changed over the past few months:

bitcoin-whales-sharks

As seen in the above chart, the Supply Distribution for the 10-10,000 coin group showed a decline earlier this year but hit a bottom in mid-April. Santiment said the following about the data;

“Bitcoin’s whale and shark addresses continued to accumulate, and a large amount of BTC purchases came with the news of ETF applications in the past 2 weeks. If key stakeholders continue to buy, we may see further crypto increases in July.”

While whales are completing their sales, the asset price has reached a local peak and has been declining for several months. However, during this decline, these sharks and whales have started to increase their portfolios again, indicating that they have made purchases at dip levels.

Subsequently, when the cryptocurrency did not show signs of recovery, there was a pause indicating that these investors were hesitant to make purchases. However, following the dip point in June, with the emergence of news about new ETF applications, these sharks and whales started to show strong accumulation.

In the past seven weeks, these investors have accumulated 154,500 BTC, with a significant portion of it happening in the past few weeks. The value of the indicator has now reached 13 million BTC, indicating that Bitcoin sharks and whales currently hold 67% of the total circulating supply. The continued strong accumulation of these massive investors in this new stage of the rally could be a positive sign for July.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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