Bitcoin Whales Accumulate BTC Ahead of US Inflation Data Release

The Bitcoin (BTC) accumulation part appears to have began because the BTC value wanders under the $60,000 mark for per week.

Bitcoin (BTC) accumulation appears to have picked up steam as the BTC price continues to trade below the $60,000 mark for a week.

According to data provided by Glassnode, the BTC accumulation metric surged from 0.05 on June 1 to 0.44 as of July 10. This level was last seen on April 11, when the flagship cryptocurrency was trading at $70,000.

The indicator began to rise as the German government was offloading its BTC holdings over the past week, sparking a بازار bearish momentum and FUD (fear, uncertainty and doubt) across the market. As a result, the Bitcoin price dipped below the $54,000 mark.

On July 10, CryptoQuant reported that the Bitcoin whales were accumulating the asset as the market remained in a state of uncertainty, with their balances increasing at a rate of 6.3% month-over-month.

According to data from Glassnode, the number of whales holding at least 1,000 BTC — roughly $58.2 million at the time of reporting — increased from 1,640 on July 1 to 1,643 on July 10.

This move suggests that large whales may be anticipating a market recovery despite the bearish selloffs by the German government.

Earlier today, Bitcoin and most of the major altcoins saw a bearish momentum ahead of the U.S. inflation data, which is set to be released at 08:30 ET (12:30 UTC). The total crypto market cap decreased by 1% and now stands at $2.24 trillion.

BTC is trading down by 1.35% in the past 24 hours and is valued at $58,200 at the time of writing. The asset's market cap is pegged at $1.14 trillion with a daily trading volume of around $25 billion.

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