Bitcoin whales have added 71,000 BTC worth $3.9 billion to their portfolios during the recent market pullback, according to data from IntoTheBlock. This accumulation occurred as Bitcoin prices fell below $54,000 during the recent market pullback.
Image: IntoTheBlock
Concurrent with whale accumulation, Bitcoin ETFs experienced significant inflows. On Monday, these funds saw $300 million in new investments, marking the highest single-day inflow since early June.
The price decline was influenced by several factors, including the payment of Mt. Gox’s creditors. Notably, approximately a quarter of Mt. Gox’s crypto was transferred to new wallets, causing BTC prices to fall to $53,600. Administrators face an October deadline to complete the distribution process.
Moreover, the German government sold over 80% of its BTC holdings over the last week, adding strength to the sell-off. Despite these pressures, large holders, defined by IntoTheBlock as those possessing over 0.1% of the circulating supply, saw the dip as a buying opportunity.
The market downturn also triggered substantial liquidations in decentralized finance protocols. Aave V3 Ethereum, the largest on-chain lending protocol by total value locked, saw $10 million worth of tokens liquidated, the highest since mid-April.
