Bitcoin (BTC) accumulation phase appears to have started as BTC price has been hovering below $60k for a week.
According to data provided by Glassnode, BTC’s accumulation trend has increased from 0.05 on June 1 to 0.44 as of July 10. This level has not been seen since April 11, when the leading cryptocurrency was trading for $70,000.
The index started to rise as the German government was dumping its Bitcoin holdings over the past week, causing a broad bearish momentum in the market and a state of fear, uncertainty and doubt. As a result, the price of Bitcoin fell below the $54,000 level.
On July 10, CryptoQuant reported that Bitcoin whales began accumulating assets as the market lurched into uncertainty, increasing their holdings at a monthly rate of 6.3%.
According to Glassnode data, the number of whales holding at least 1,000 BTC — equivalent to roughly $58.2 million at the time of writing — rose from 1,640 on July 1 to 1,643 on July 10.
This move shows that the big whales expect the market to recover despite the bearish sell-off by the German government.
Today, Bitcoin and most major altcoins saw bearish momentum ahead of the US inflation data, due out today at 08:30 EST (12:30 UTC). The global cryptocurrency market cap is down 1% and currently stands at $2.24 trillion.
Bitcoin is down 1.35% in the past 24 hours and is trading at $58,200 at the time of writing. The asset has a market cap of $1.14 trillion with a daily trading volume of around $25 billion.