Large investors are again building up their bitcoin assets, after getting rid of them along with the depreciation over the previous months, according to the research platform Glassnode.
In June, large bitcoin holders mainly sold cryptocurrency, which triggered a drop in its value. In total, since the middle of last month, the whales have sold 60,000 BTC. The sale was carried out by investors whose wallets control from 100 to 10,000 bitcoins.
However, in July the trend changed, and the whales went on the offensive again. According to Glassnode, addresses containing 1,000 to 10,000 coins have bought over 80,000 BTC. The volume of cryptocurrency held in whale wallets has grown to its highest level since May 2021.
Researchers found that big players now control 4.216 million BTC. The number of “whales” reached a three-week maximum in early July (1922 addresses).
Many analysts are positive about the prospects for bitcoin against the background of the activation of large cryptocurrency holders. It was this trend that provoked the rise in the value of BTC, which began in the second half of last year.
As CoinDesk analyst Omkar Godbol notes, the resumption of Bitcoin accumulation by the whales should be positive news for the market, as these same investors played a significant role in the rise of the cryptocurrency from $ 10,000 to almost $ 60,000 in the five months to February 2021. In this segment, the balance of such wallets grew along with the exchange rate, until it reached a record high of 4.542 million BTC on February 8.
The head of the Celsius Network gives an upbeat outlook, suggesting that there will be a period of calm after the July sell-off, with Bitcoin moving towards current highs and eventually hitting the $ 140,000-160,000 range before adjusting to $ 90,000 by the end of the year.
At the same time, there is no single point of view among bitcoin investors as to how the unlocking of Grayscale shares will affect the BTC market. According to popular belief, their holders will sell to compensate for the loss from the discount to the price of bitcoin.
Amber Group, however, notes that investors borrowed bitcoins to deposit in Grayscale (GBTC) and will now have to buy cryptocurrency on the market in order to pay off creditors. In other scenarios, they will not have to conduct any transactions in the spot market at all to close the deal. Ultimately, Bitcoin’s behavior will depend on the ratio of different investors in the trust and the expectations of third-party market participants.