Bitcoin has been trading under pressure over the past week and the price is now consolidating at around $31,400.
With the price of BTC down 7% on the weekly charts, whales see this as an opportunity to add more BTC to their portfolios.
According to data published on BitInfoCharts, a bitcoin whale bought nearly 30,000 bitcoins over the past weekend between July 16-18.
The same entity controls about 144,000 BTC across 18 wallets, each containing exactly 8,000 BTC since December 2018.
Over the past three days, the same whale has bought 29,880 bitcoins for about $950 million.
This huge whale has not made a single purchase and has not sold any of its bitcoins in recent times.
Rather, most of the cryptocurrencies he bought were in December 2018 at $3,970, with a net investment of $31 million, and the holding value is now $252 million.
Data on BitInfoCharts shows addresses ranked 89-106, all holding 8,000 BTC before the last purchase.
The cumulative bitcoin holdings of the eight addresses contain 144,000 bitcoins, totaling now $4.55 billion.
This clearly shows that the big players in the market continued to accumulate during the recent price correction.
Bitcoin Positive Data:
Most of the data on Bitcoin is impressive despite the recent price slump.
Although the number of unique bitcoin addresses interacting with the network has been declining since the correction that began in mid-May 2021.
The retail investor’s interest in Bitcoin is still good at the current stage.
Analyst Willie Wu commented:
The bitcoin market may have gained institutional support with many money giants and wealthy traders flocking to add bitcoin to their wallets, but it is retail traders who are currently leading the market.
Willy Woo notes that retail traders continue to buy more bitcoin in light of the ongoing decline.
During the last Bitcoin mining difficulty adjustment last Saturday, July 17, Bitcoin mining difficulty decreased another 5%, hitting a new low since January 2020.
While the hash rate moves back north moving above 100m TH/s.