In the midst of a pronounced downturn in the cryptocurrency market earlier this month, Crypto Titans (Bitcoin Whales) strategically capitalized on the price slump, accruing a substantial 71,000 BTC—the most rapid aggregation seen since April 2023. This colossal sum, equating to $4.3 billion at prevailing market valuations, was amassed as Bitcoin prices recoiled to $54,200 on July 5, according to data from cryptocurrency analytics firm IntoTheBlock.

Accelerated Acquisition by Whales

CryptoQuant, another notable analytics firm, observed that Bitcoin whales have been augmenting their holdings at an extraordinary pace, with the 30-day moving average indicating the fastest accumulation rate since April 2023, a period coinciding with the collapse of several local banks in the United States. “This trend suggests that the bottoming out of #BTC may be nearing completion,” CryptoQuant analyst Minkyu Woo commented in a separate X post.

Divergent Behavior Among Investors

Conversely, smaller traders have been liquidating their holdings amid the current market dip, as noted by cryptocurrency analytics firm Santiment. Santiment also reported a net increase of 261 wallets holding at least 10 BTC in the first 10 days of July, highlighting divergent strategies among different investor cohorts.

Dormant Whales Reactivate

Not all Bitcoin whales are adhering to a strategy of accumulation and retention, colloquially known as “hodling.” On July 14, a long-dormant Bitcoin whale reemerged after a 12-year hiatus, transferring 1,000 BTC—valued at nearly $60 million—to two new wallets, as reported by Whale Alert.

Read more: Trump’s Meteoric Rise in Polymarket Forecasts Post-Pennsylvania Rally Incident

Market Influences and Price Dynamics

Currently, Bitcoin is trading at $60,850, reflecting an 8.1% decline over the past month. Industry analysts attribute much of the recent price downturn to impending large-scale sell-offs, including Mt. Gox’s preparation to distribute $8 billion to its creditors and the German government’s planned sale of nearly 50,000 BTC, valued at $3 billion.

Signs of Recovery

Despite these pressures, Bitcoin demonstrated signs of a price recovery over the weekend, surpassing the $60,000 resistance threshold and registering a 6% increase since the close of trading hours on Friday. This resurgence was partly driven by a sharp price spike following an assassination attempt on U.S. presidential candidate Donald Trump during a rally in Butler, Pennsylvania, on July 13.