What is an enormous vote of confidence? BitcoinLarge holders alone have added BTC worth $5.4 billion in just the month of August. In fact, they have added 84,000 BTC collectively to their accumulations in July. This is the highest figure in over a decade.
These Bitcoin owners bought during the dip in July, and their accumulation rate was at its highest since October 2014. The asset is expected to surge in value, so the decision could be a good one. They were hoping to take advantage of the two-way volatility on the cryptocurrency market.
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Large Bitcoin Holders Add 84,000 BTC Haul in July
Bitcoin is the king of 2024. A Spot ETF was launched in January this year for the world’s leading cryptocurrency, which pushed it up to an all time high of $73,000. The price then dropped significantly. Many traders seemed to have taken advantage.
Bitcoin saw its largest holders amass a staggering $5.4 Billion worth of BTC during July. IntoTheBlock. This group is defined as the addresses which currently own at least 0.1% in total Bitcoin. These tokens were purchased in large numbers when Bitcoin fell to below $55,000 at the beginning of July.
It did reach $69,000 in the end, but it was only 3% higher than where it started. The strategic phase of accumulation was triggered by this. The wallets bought BTC rapidly between $50,000 and $70,000 levels. This was an intelligent move, especially in light of recent macroeconomic and political factors.
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It is important to note that the word “you” means “you”. Federal Reserve The Bank of England has hinted that the much-anticipated interest rate cut could be coming in September this year. These rates have reached a record high of 23 years, so a reduction would make a huge difference for Bitcoin and other assets. It has also found renewed popularity in the world of politics.
US Senator Cynthia Lummis Recently, the BITCOIN act was introduced. The law will mandate that the Treasury of the United States accumulates 1,000,000 BTC and uses the cryptocurrency as a reserve asset. The bill would fortify Donald Trump’s plan to make America a ‘Bitcoin Power’ should he win reelection in November.
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Source: watcher.guru