Charts provided by CryptoQuant and Glassnode analytics data aggregators show that Bitcoin whales are accumulating Bitcoin from miners who have been selling their stashes of the flagship cryptocurrency.
Miners dumping their BTC
Data shared by Chinese crypto journalist Colin Wu, who covers news related to blockchain, crypto coins and exchanges, says that Bitcoin miners in the past month have sold several large amounts of BTC: 60 Bitcoins about six times.
The amount of BTC moved to exchanges on average totaled 98.6 three days ago, on July 17. The journalist emphasized that that is the maximum amount since Nov. 3 of last year.
The information shared by Wu was based on a recent chart provided by CryptoQuant.
Whales have bought $1.7 billion in Bitcoin on the dip
The CIO of Moskovski Capital asset manager has taken to Twitter to share a Glassnode chart about crypto whales accumulating the major digital currency.
The chart shows that the BTC supply stored on 1,000-10,000 BTC wallets has risen to hold 57,000 Bitcoins recently; that is the equivalent of a whopping $1,698,126,900.
This has eliminated the entire Bitcoin sell-off triggered by Elon Musk and the Chinese government in the past few months.
Bitcoin slumps below $30,000
As a result of a major correction, the leading cryptocurrency has failed to hold above the long-standing $30,000 support and, at press time, it is changing hands at $29,816, as per CoinMarketCap.
In a tweet, Colin Wu shared that, according to data shared by the Bybt analytics service, $135 million worth of Bitcoin had been liquidated in just one hour.
The biggest portion of that took place on the Bybit exchange, where $4.51 million worth of Bitcoin longs were liquidated.
The major reason for the Bitcoin price drop is believed to be the recent stock market correction.