**July 14, 2024** – After a major drop in price in early July, Bitcoin has shown some signs of a slight recovery over the past 24 hours. According to CoinMarketCap, BTC has gone up by 1.11 percent in the last day. This means that market bulls are getting stronger, which could lead to a full-price recovery.
The on-chain analysis tool IntoTheBlock has shown how Bitcoin fans have been able to keep going even though the market is still going down.
IntoTheBlock said in a post on the social media site X on Saturday that 71,000 BTC have been bought by Bitcoin whales (wallets that usually hold more than 1,000 BTC). The recent drop in price was used by these whales to add to their stocks.
Bitcoin Whales Buy 71,000
To give you some background, Bitcoin dropped by more than 14% at the beginning of July. This was partly because the German government sold off $3.3 billion (50,179 BTC). The price of Bitcoin fell below $54,000 because of this strong demand to sell.
Bitcoin whales, on the other hand, have full faith in the cryptocurrency’s long-term success by buying 71,000 BTC when the prices were very low. Along with the German government’s selling spree, this buying has put a lot of pressure on the market.
This major buildup by “whales” could make other individual and institutional investors want to buy more Bitcoin, which could help the price of the top cryptocurrency go up again. Already this week, Bitcoin has shown signs of getting better. Since Monday, it has gone up more than 9% to trade above $59,000.
This happened just one week after well-known crypto critic Peter Schiff said that the rumored demand for BTC from institutions was a lie. Schiff said that if there was such demand, it would have bought up the major amounts of BTC that were being sold, which would have stopped the recent drop in price.
In related news, the BTC Spot ETF received a net inflow of $310 million on July 12. This was the sixth day in a row that the fund received a net inflow. Based on data from Sosovalue, the most funds came into BlackRock’s ETF IBIT ($120.03 million), followed by Fidelity’s FBTC ($115.14 million). Invesco’s BTCO had the least amount of daily input, at $4.03 million.
As of this writing, Bitcoin is worth $59,539. This is a rise of 2.56% in the last seven days. On the monthly chart, however, the coin is still down 10.96%.
