Bitcoin (BTC) Accumulation Phase Seems to Have Started as the BTC Price Wanders Below the $60,000 Mark

According to data provided by Glassnode, the BTC accumulation trend surged from 0.05 on June 1 to 0.44 as of July 10.

Bitcoin (BTC) price wanders below the $60,000 mark for a week now, as the Bitcoin accumulation trend slowly gathers momentum.

According to data provided by Glassnode, the BTC accumulation trend surged from 0.05 on June 1 to 0.44 as of July 10. This level hasn’t been seen since April 11, when the flagship cryptocurrency traded for $70,000.

The indicator started to rise while the German government was offloading its BTC holdings over the past week, causing a market-wide bearish momentum and FUD (fear, uncertainty and doubt). Consequently, the Bitcoin price plunged below the $54,000 mark.

On July 10, CryptoQuant reported that the Bitcoin whales started accumulating the asset while the market wandered in uncertainty, increasing their balances at a 6.3% monthly rate.

Related: German government sells 1.7K BTC in H1 2023 as part of customs seizure auctions

According to the on-chain analytics platform, the Bitcoin whales have been accumulating the asset for the past six months, and their balances are now at a seven-month high.

The report also highlighted that the Bitcoin whales have been accumulating the asset "aggressively" since the beginning of 2023, adding roughly 35,000 BTC to their holdings.

Meanwhile, data from Glassnode also showed that the number of whales holding at least 1,000 BTC — roughly $58.2 million at the reporting time — rose from 1,640 on July 1 to 1,643 on July 10. This movement shows that big whales expect a market rebound despite the bearish selloffs by the German government.

Today, Bitcoin and most of the large altcoins saw a downward momentum ahead of the U.S. inflation data release, scheduled for today at 08:30 ET (12:30 UTC). The global crypto market capitalization slipped by 1% and is currently sitting at $2.24 trillion.

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