The Bitcoin accumulation phase appears to be in full swing as the price of BTC remains below $60,000 for an extended period. Data from Glassnode shows that the BTC accumulation trend has increased significantly from 0.05 on June 1 to 0.44 as of July 10, reaching levels not seen since April 11 when Bitcoin was trading at $70,000.
This surge in accumulation comes at a time when the German government has been selling off its BTC holdings, leading to a bearish sentiment in the market. Despite this, Bitcoin whales have started accumulating the asset, with CryptoQuant reporting a 6.3% monthly increase in whale balances.
According to Glassnode, the number of whales holding at least 1,000 BTC has increased from 1,640 on July 1 to 1,643 on July 10. This indicates that large investors are optimistic about a market rebound in the face of the recent selloffs by the German government.
Today, Bitcoin and other major altcoins have experienced a downward trend ahead of the release of U.S. inflation data. The global crypto market capitalization has dropped by 1% and currently stands at $2.24 trillion. Bitcoin’s price has declined by 1.35% in the past 24 hours, trading at $58,200 with a market cap of $1.14 trillion and a daily trading volume of around $25 billion.
It is interesting to see the shift in sentiment among investors, with whales increasing their holdings despite the market uncertainties. This accumulation trend could indicate growing confidence in Bitcoin’s long-term value and potential for a market recovery. As the crypto market continues to evolve, it will be important to monitor how these accumulation trends impact price movements and overall market stability.