Bitcoin Whales Record Largest Daily Purchase this Year

Bitcoin Whales Record Largest Daily Purchase this Year

On-chain analytics company Santiment recently revealed the Bitcoin (BTC) whales bought a staggering 60,000 BTC in one day, the largest daily acquisition in 2021. Santiment further noted whale addresses currently hold about 9.12 million BTC, 100k more than it was about six weeks ago.

While many retail investors have panicked since Bitcoin began its selloff, whales have taken the downturn as an opportunity to stock up on crypto assets.

The on-chain analytics firm revealed that addresses holding at least 10,000 BTC bought over 90,000 BTC in a month. The firm noted that these “uber large” addresses possess half of all BTC in circulation.

Despite the recent China FUD and the Elon Musk-induced volatility, reports show that whales continued to accumulate BTC bringing up their collective portfolio by $3.6 billion over the last six weeks.

Typically, whale activities have an immediate effect on the market. Following the recent 60k BTC whale purchase, the benchmark cryptocurrency spiked by 5% in a few hours. This surge helped the cryptocurrency break above the $35k mark before today’s decline.

While many remain worried about the recent drop in BTC hash rate and the negative difficulty adjustment, July has started positively for the cryptocurrency.

Key Bitcoin Levels to Watch — July 6

After touching the $36k mark yesterday, the primary cryptocurrency has posted a massive correction to the $33k. However, the decline was short-lived as bulls pushed the cryptocurrency back above the bullish trendline.

BTCUSD – 4-Hour Chart

At press time, BTC battles with the critical $35k resistance as bull activities increase. That said, a break above the $35k level should help the cryptocurrency retest the $36k resistance over the coming hours. We expect a bullish continuation over the coming hours and days.

Meanwhile, our resistance levels are at $35,500, $36,000, and $37,000, and our key support levels are at $33,750, $33.000, and $32,000.

Total Market Capitalization: $1.44 trillion

Bitcoin Market Capitalization: $643.7 billion

Bitcoin Dominance: 44.8%

Market Rank: #1

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.