Bitcoin Whales Bought 170K BTC
According to an analytical report by Santiment, large Bitcoin investors have been actively buying cryptocurrency since July 11 after the price jumped over $35,000.
At the end of July, the number of Bitcoins on major addresses reached an all-time high. As you can see in the chart above, wallets with balances from 100 to 10,000 BTC have accumulated a total of 9.19 million BTC. The sample may also include wallets of cryptocurrency exchanges, funds and mining pools.
In just the last four weeks, Bitcoin millionaires have accumulated an additional 170,000 BTC. This was the case at the end of December 2020, when accumulation was followed by a bullish rise in price.
After the Bitcoin short squeeze, on-chain activity accelerated. As you can see in the chart below, on July 27, daily active addresses hit a 3-week-high. And trade and social volumes hit a 5-week-high.
Thus, a rebound in fundamentals could help Bitcoin hit previous highs.