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🐋 Bitcoin Whales Are On the Move Again!
🕵️♂️ CryptoQuant analysts reveal that Bitcoin long-term holders are amassing BTC at their fastest monthly rate since April 2023, with a growth rate of 6.3%! 📈
🔍 Key Insights:
▪️Despite increased market supply from seized bitcoins by German and U.S. governments and the Mt. Gox exchange fund distribution, whale accumulation is on the rise.
▪️The growing demand from long-term holders is stabilizing Bitcoin's price, which currently ranges between $58,000 and $59,000, down from a peak of $71,000.
▪️Analysts suggest this whale activity could signal a potential bottoming of Bitcoin's price.
💡 Market Impact:
▪️ Whales are less willing to sell after experiencing losses post the $70,000 peak in early June.
▪️Stablecoin liquidity growth is still lagging, implying it might take longer for Bitcoin to start a new upward trend.