Bitcoin whales took full advantage of the crypto market slump earlier this month, accumulating 71,000 Bitcoin amid the fastest rate of Bitcoin stacking since April 2023. 

Much of that Bitcoin ( BTC ) — worth $4.3 billion at current prices — was scooped up when Bitcoin retraced to $54,200 on July 5, a chart from cryptocurrency analytics firm IntoTheBlock shows.

CryptoQuant notes that Bitcoin whales have now been stacking Bitcoin at the fastest rate (on a 30-day moving average) since April 2023, shortly after several local banks in the US collapsed .

Bitcoin whales snapped up $4.3B of BTC amid price slump image 0 Bitcoin demand from accumulation addresses. Source: CryptoQuant

“This suggests that the bottoming out of #BTC may be nearly complete,” CryptoQuant analyst Minkyu Woo added in a separate X post.

Meanwhile, smaller traders have been selling off their bags during the current dip, noted cryptocurrency analytics firm Santiment.

Santiment also observed a 261 net increase in the number of Bitcoin wallets holding at least 10 Bitcoin over the first 10 days of July.

“[This] should give traders comfort in a long-term bullish future.”

Bitcoin whales snapped up $4.3B of BTC amid price slump image 1 Number of Bitcoin wallets with at least 10 Bitcoin. Source: Santiment

It appears not all Bitcoin whales are planning to stack and hodl (hold on for dear life), though.

One dormant Bitcoin whale woke up on July 14 after a 12-year hiatus, transferring 1,000 Bitcoin worth nearly $60 million to two new wallets, according to Whale Alert.

Related: Bitcoin price faces major ‘summer of 2021’ style correction despite BTC whale buying

Bitcoin is currently trading at $60,850, down 8.1% over the last month.

Mt. Gox preparing to offload $8 billion to its creditors and the German government selling nearly 50,000 Bitcoin — worth $3 billion — have largely fueled the price slump, industry pundits say.

However, Bitcoin started showing signs of a price recovery over the weekend, breaking the $60,000 resistance barrier and increasing 6% since trading hours closed on Friday.

This included a sharp increase immediately after US presidential candidate Donald Trump survived an assassination attempt while speaking on stage at a rally in Butler, Pennsylvania, on July 13.

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