Bitcoin whales holding from 100 to 10 thousand BTC have accumulated 60 thousand BTC in one day.
This event coincided with Bitcoin Mining Difficulty Gets Biggest Drop In BTC History almost -28%.
Read: Bitcoin Mining Difficulty Gets Biggest Drop In BTC History
The accumulation can also be linked with more decentralized Bitcoin network as miners are forced to leave China and its territories.
Bitcoin whales are buying BTC and have recorded the largest accumulation in one day, buying 60 thousand BTC.
Network data analyst firm Santiment said the whales bought 60,000 BTC in one day, the largest daily accumulation this year.
Santiment writes:
“Bitcoin‘s whale addresses holding between 100 to 10k BTC kicked off July with a 60k BTC accumulation spike, the highest daily spike of 2021. These addresses hold 9.12M coins combined after holding 100k less BTC just 6 weeks ago.”
Bitcoin whales are large investors and institutions holding between 100 and 10,000 bitcoins on a single address.
? #Bitcoin's whale addresses holding between 100 to 10k $BTC kicked off July with a 60k $BTC accumulation apike, the highest daily spike of 2021. These addresses hold 9.12M coins combined after holding 100k less $BTC just 6 weeks ago. https://t.co/RmbojWllGv pic.twitter.com/9Mp65UfGyV
— Santiment (@santimentfeed) July 4, 2021
According to Santiment, a total of 9.12 million bitcoins are currently stored on these addresses.
The whales accumulation of 60,000 BTC was also admired by experienced bitcoin analyst Willie Wu:
Whales:
"Nom nom nom… BTC so yummy today." pic.twitter.com/TLoHyaJtn2— Willy Woo (@woonomic) July 3, 2021
The accumulation of 60 thousand bitcoins coincide with largest adjustment of the BTC network difficulty. The difficulty adjustment of -28% was due to China staying true to its word of banning BTC mining within its borders and territories.
Despite the short-term effects of the mining ban in China, many traders and investors believe that this is a healthy development that will lead to further decentralization of the bitcoin network. Before the mining ban, bitcoin miners based in China were estimated to have controlled 65% to 75% of its hashrate.
The prospect of further decentralization of the Bitcoin network may have sparked bullish sentiment and excitement, resulting in the BTC whales acquiring an additional 60,000 coins in one day.