The on-chain analysis platform Santiment published an article on the X platform today and pointed out that wallet addresses holding 10 to 1,000 Bitcoins quickly increased their holdings when the price of Bitcoin fell below $50,000. Santiment data shows that during the two days, there were 28,319 Bitcoin transactions worth more than $100,000, and 5,738 transactions worth more than $1 million, with whale trading volume reaching the highest level since April.
It is reported that Bitcoin whale or long-term holding addresses have accumulated nearly $23 billion in Bitcoin in the past 30 days, and related accumulation activities peaked during the market crash. Ki Young Ju, founder and CEO of data analytics company CryptoQuant, pointed out that since the beginning of July, more than 400,000 Bitcoins have been transferred to long-term holder addresses.
He also mentioned that those whale that have held Bitcoin for more than three years have sold part of their Bitcoin holdings to new whale between March and June, so there is currently no change from the old whale address. Seeing significant selling pressure. Ki Young Ju concluded:
"Based on this data, I think the bull market is still alive and well. If the market doesn't recover in two weeks, I'll reconsider. I follow the smart money, so if I'm wrong, that means the new whales are either misled or Underestimating the macro environment.”
