Top Reasons Why Bitcoin (BTC) Price Might See Fresh Rally in July


Bitcoin crash

The post Top Reasons Why Bitcoin (BTC) Price Might See Fresh Rally in July appeared first on Coinpedia Fintech News

According to a recent tweet analytics report by on-chain data company Santiment, there is a strong likelihood that Bitcoin’s price will experience further growth this month, potentially followed by altcoins. The primary reason for this potential surge lies in the continued accumulation of Bitcoin by key crypto holders, including whales and sharks, who have been actively buying the flagship digital currency over the past few weeks.

Sharks are accumulating a “Big Chunk” of BTC 

So, what’s driving this potential surge in Bitcoin’s price? It all revolves around the actions of significant cryptocurrency holders, affectionately known as “whales” and “sharks.” Santiment’s analysis shows that cryptocurrency whales and sharks have been buying Bitcoin for two weeks. As news of the Bitcoin ETF refilings sponsored by large institutions like Fidelity emerged, these powerful players bought a “big chunk” of Bitcoin. Surprisingly, they bought 154,500 BTC in seven weeks.

The dominance of Key Holders

Currently, wallets holding between 10 and 10,000 BTC possess 13 million Bitcoins, which accounts for approximately 67% of the circulating supply. It’s worth noting that the total supply of Bitcoin is capped at 21 million, with over 19 million already mined.

Additionally, recent transactions reported by Whale Alert indicate that anonymous wallets transferred around 21,700 BTC from the Coinbase exchange to cold wallets. The total value of these transactions amounted to $314,678,605 and $345,262,395, respectively.

SEC’s Scrutiny on Bitcoin ETF Filings

However, it’s important to consider that the U.S. Securities and Exchange Commission (SEC) has labeled the recent filings for spot Bitcoin ETFs as “inadequate.” This suggests that the filings lack clarity and comprehensiveness, as reported by the Wall Street Journal. The SEC’s scrutiny of these filings has caused a slight price drop for Bitcoin, with a 1.07% decrease in the last 24 hours.

As the crypto market heads into July, all eyes are on Bitcoin and its potential price trajectory. Santiment’s insights into the accumulation of Bitcoin by influential holders and whales, combined with the dominance of key holders in the market, indicate the possibility of further price growth. However, the SEC’s scrutiny of Bitcoin ETF filings adds an element of uncertainty to the market. Investors and enthusiasts alike remain eager to see how these factors play out and influence Bitcoin’s journey throughout the month.