Large holders of Bitcoin have taken full advantage of the recent price dip of the primary crypto asset to expand their portfolio adding an additional 71,000 BTC this week.
Bitcoin which faced serious selling pressure in the first week of July as the German government offloaded its $3.3 billion worth of Bitcoin assets witnessed a significant price drop which saw its price plummet to as low as $54,000.
Crypto whales expressed their full confidence in the asset by acquiring more of the asset when everyone was panicking about the price drop due to the On-chain activity of the German government.
IntotheBlock an On-chain analysis platform in an X post revealed the activities of the crypto whales during this period of uncertainty for the asset. They stated the amount of BTC assets acquired by crypto whales during the price dip period.
“Bitcoin whales added 71K BTC to their wallets this week, as they capitalized on the recent price decrease” IntotheBlock tweeted.
Bitcoin whales taking full advantage of the price drop and acquiring 71,000 BTC assets spells their long-term positive projection of the asset despite its recent near-bottom dip following the activities of the German government.
The German government on Friday officially sold off all their Bitcoin assets and now holding 0.00 BTC assets according to Arkham intelligence.
Bitcoin price has climbed to $59,670 at the time of writing this report representing a 1.5% increase in the last 24 hours per coin gecko data.
The impressive buying activity by the crypto whales could encourage other investors to increase their holdings resulting a buying pressure that will drive up the price of Bitcoin to new heights.
Bitcoin ETF records significant inflow
According to data from Farside, Bitcoin ETFs witnessed a staggering inflow of a total of $310 million on July 12th.
Blackrock’s IBIT had the largest inflow at $120 million followed by Fidelity’s FBTC at $115.1 million. The least inflow for the day went to Investco’s BTCO at $4.0 million.
The huge numbers reflect an increased demand for the crypto asset despite the selling pressure heaped on it by the German government.
Other factors that might adversely affect the price of Bitcoin include the looming redistribution of over $3 billion worth of Bitcoin assets by the now Defunct Mt.GOX crypto exchange.
What to Know
- Crypto whales are large holders of Bitcoin. Any wallet with over 1000 BTC assets is considered a whale. The activities of crypto whales have the power to affect the prices of crypto assets as they usually result in buying or selling pressure.
- The German government-linked wallet currently holds no BTC assets after offloading over 300 million worth of BTC assets on Friday.