The post Bitcoin whales added 71K BTC to their wallets this week appeared on BitcoinEthereumNews.com.

Bitcoin has been on a downward spiral for the better part of July 2024. The German government’s dumping of 50,000 BTC and Mt. Gox’s release of $9 billion have caused uncertainty in markets. Bears and crypto newbies made plans to leave the market, hence the heavy selling pressure quickly. Also Read: Did Bitcoin just make a quick bullish reversal? However, after 16 years of Bitcoin existence, whales and BTC enthusiasts have learned better than to leave the market when things go south. On-chain data from IntoTheBlock shows that “Bitcoin whales added 71K BTC to their wallets this week, as they capitalized on the recent price decrease.” Source: IntoTheBlock At the time of writing, Bitcoin (BTC) is worth $58,621.65, down 0.1% from an hour ago and up 0.2% from yesterday. However, BTC’s value today is 1.2% greater than it was seven days ago. As of today, BTC’s market cap is $1.16 trillion, reflecting a 50.77% market dominance. Per the current BTC market price, the 77,000 are worth $4,512,515,700 billion. The global crypto market cap is now $2.28 trillion, up 1.0% in the last 24 hours and 75.83% from a year ago. Meanwhile, stablecoins’ market cap is $162 billion, accounting for 7.13% of the total crypto market cap. Ethereum (ETH), the second-largest crypto, is currently at $3,151.77, down 0.1% from an hour ago and up 0.0% from yesterday. However, the value of ETH today is 3.2% higher than it was seven days ago.  According to data from Alternative,me, the Crypto Fear & Greed Index sits at 25, which shows extreme fear. Source: Alternative.me Coupled with whale accumulation, Bitcoin ETFs saw huge inflows. Yesterday, these funds received $300 million in new investments, the largest single-day inflow since early June. Several reasons contributed to the price decrease, including the payment of Mt. Gox’s creditors.…

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Filed under: News - @ July 13, 2024 7:16 pm