July 2024 Breaks Bitcoin Whale Record
In the crypto space, there are certain developments that signal incoming market shifts and thus, they get a lot of attention from investors and experts. One of these is the activities of crypto whales. A crypto whale is a token holder who has so much of a token that their decision to buy or sell can have an impact on the market.
Because of the changes they can cause, plus the pure fascination we have with people who hold millions of dollars worth of crypto, whale watching is a popular activity for the crypto-inclined. July 2024, however, saw a historic development on the part of Bitcoin whales.
How July 2024 Broke Records
According to reports, crypto whales acquired a record $5.4 billion in tokens last month, which is the highest we’ve seen in the last decade. The next with an amount that high was back in October 2014, when the price of Bitcoin was at a low point. It is not unusual for investors to acquire more of a token when the price is low and look to sell when it spikes. And, according to Kane Pepi, Bitcoin is still the best crypto to invest in in 2024 – he suggests it’s the best crypto for long-term investors, while those looking for scalability or a stable value might prefer Cardano and Tether, respectively.
A whale, in this context, is classified as someone holding at least 0.1% of the total Bitcoin in circulation. 84,000 BTC tokens were acquired and this is partially attributed to a slight price slump the token saw last month.
Now is also an interesting time for the crypto sector as there are more tokens being launched than ever before. Thanks to the record presale numbers, spot ETF rumours, and an overall air of optimism within the industry, exchanges are rushing to list more tokens. You only need to look at the new Binance listings to see just how well things are going. With all this activity going on, it comes as no surprise that whales are accumulating.
We are also seeing more emphasis on the various use cases of crypto, such as in the gambling sector. Crypto betting has proven to be very beneficial in terms of offering privacy and control over tokens to investors, as well as creating an opportunity for players to earn more tokens. The market has been primed for activity and we are seeing the outcome.
What This Could Mean?
Whales accumulating tokens, especially to this degree, usually means that a bull run of sorts is in the works. In some cases, it is even the activity of the whales that triggers a price spike, either organically, or by prompting other investors to buy more of the token. Several factors are lining up to push Bitcoin to a new price high including the US elections.
The token has seen a significant dip in the last week but some believe that it will bounce back. We could even see more whale acquisitions in the coming weeks as some rush to take advantage of the ongoing price spike.
Conclusion
Through the many price highs and lows, Bitcoin whales have remained a constant in the industry. Their recent activity could indicate that a bull run is in the near future for the token, even though it has seen some setbacks. Whether or not the whales will acquire more or sell off their current stash, it is obvious that industry stakeholders will be watching.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Always do your own research and consult with a professional before making any investment decisions.
