Bitcoin whales have been taking advantage of the recent BTC price drop to accumulate more cryptocurrencies.

During this month, they accumulated 71,000 Bitcoin, representing the fastest rate of stacking since April 2023.

Much of this acquisition occurred when Bitcoin retreated to $54,200 on July 5.

According to CryptoQuant, this rapid rise suggests that the BTC bottom could be near. Although whales accumulate, smaller traders have been selling their holdings.

Additionally, an increase in the number of BTC wallets with at least 10 Bitcoin was observed during the first 10 days of July. However, not all whales plan to maintain their acquisitions.

Recently, a sleeping whale transferred 1,000 Bitcoin to two new wallets after 12 years of inactivity. Despite the price drop, Bitcoin showed signs of recovery over the weekend, surpassing $60,000.

This increase coincided with an assassination attempt against US presidential candidate Donald Trump at a rally in Pennsylvania.

The price of Bitcoin has been experiencing a decline recently due to several factors. Let me explain some of them to you:

1. Federal Open Market Committee (FOMC) Meeting: After the Federal Reserve held interest rates steady at its June meeting, many gave up hope for significant cuts before the end of the year. This negatively affected Bitcoin and other cryptocurrencies.

2. Fund outflows from cryptocurrency ETFs: Over the past two weeks, outflows from cryptocurrency exchange-traded funds (ETFs) have reached $1.2 billion. This trend has contributed to the decline in Bitcoin price over the past week.

3. Stronger US Dollar Index: The strengthening of the US dollar has also affected the value of Bitcoin in other currencies.