Bitcoin Whales Acquire 71,000 BTC In One Week – Is A Price Rebound On?
The price of Bitcoin has seen a mild recovery in the last 24 hours, following a recent price plunge in the first week of July. According to data from CoinMarketCap, BTC is up by 1.11% as market bulls gather momentum for a full-price rebound. Interestingly, Bitcoin whales have acquired 71,000 BTC in the past week, signaling confidence in the token’s long-term profitability.
The recent buying spree by Bitcoin whales could potentially lead to a price rebound for the cryptocurrency market leader. This move comes after a significant price loss earlier in July, triggered in part by the German government offloading a large amount of BTC. Despite this, Bitcoin has shown signs of recovery, rising by over 9% since Monday to trade above $59,000.
In addition to the whale activity, the BTC Spot ETF has recorded a net inflow of $310 million on July 12, marking the sixth consecutive day of net inflows. This positive trend in institutional investment further supports the potential for a price rebound in the crypto market.
At the time of writing, Bitcoin is trading at $59,539, reflecting a 2.56% gain in the past seven days. However, the cryptocurrency remains in the red zone on the monthly chart, with a loss of 10.96%. Overall, the recent whale activity and institutional investment indicate a growing optimism in the market, potentially paving the way for a sustained price recovery for Bitcoin.
