Analysis: Bitcoin whale holdings increase at fastest rate since April of 2023

CryptoQuant reports that long-term Bitcoin holders are increasing their holdings at the fastest monthly rate (6.3%) since April 2023. Despite the Mt. Gox repayments and BTC sales by the U.S. and German governments, the growing demand from long-term holders is supporting BTC prices. These holders realized profits when BTC prices exceeded $70,000 in early June but have since experienced some losses, reducing their willingness to sell. This may be an early signal that BTC has hit a bottom. However, the analysis cautions that a significant increase in stablecoin liquidity is still needed for a substantial BTC rebound, which may take some time.