Bitcoin went on a downward spiral in the first week of July to strike a bottom below $54,000 amidst an exacerbated selloff by some large holders. Various reports using on-chain data have blamed the selloffs on the German state of Saxony selling the bitcoins it seized earlier in the year. Related Reading: Bullish Bitcoin Indicator Which Led To A Reversal Has Returned, Is $70,000 Possible? Despite this considerable selloff, Bitcoin has primarily held its ground, and bulls have been successful in preventing additional price drops. According to on-chain data, Bitcoin’s standoff can be attributed to some whales, as many of them jumped on the price decrease to top up their holdings. Notably, Bitcoin whales added 71,000 BTC to their wallets this week. Bitcoin Whales Acquire 71,000 BTC This Week This week, Bitcoin whales went on an absolute feeding frenzy by accumulating a whopping 71,000 BTC from crypto exchanges. While the German state of Saxony was busy offloading its crypto stash, these big players were more than happy to add to their already massive holdings. This interesting activity from the whal ..
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