Whales Buy 60k BTC in Biggest Daily Accumulation of 2021

Whales have accumulated 60,000 BTC in just one day. Of note, this was the biggest accumulation spike of 2021 to date, according to a Santiment report.

To clarify, Santiment is an on-chain analytics firm that aims to provide crypto and blockchain data-driven insights based on market sentiment and behavior.

According to the report, the bullish trend might be partly fueled by recent whale behavior. In addition, whales have reportedly accumulated over 100,000 coins in just the last 6 weeks. Santiment also reports that BTC trading volume over the past weekend was the lowest year to date.

At the same time, Bitcoin mining difficulty recently dropped by 28%. The downward adjustment is the biggest the top crypto has experienced in history. In fact, prior to the adjustment, BTC mining difficulty had hit a 19-month low of 87.6 TH/s.

However, the BTC hash rate has continued to slide down despite the adjustment. Glassnode reports that the last time the BTC hash rate was this low was in 2019. Also, On-chain analyst Willy Woo is calling the slump “miner’s capitulation.”

Actually, BTC hash rate has been negatively affected by China’s recent crypto mining ban. According to reports by the Cambridge Center for Alternative Finance, China accounts for over 60% of the BTC hash rate. However, with mining operations shutting down all over the Asian country, there has been a corresponding hash rate slump.

Finally, BTC formed a bullish cup pattern over the past week. This might be a sign that BTC might be ready to test the $40,000 resistance level. In fact, BTC price rebounded 7% from July 3 to July 5. However, the crypto took an unexpected 2.2 % tumble in the past 24 hours and is trading at $34,394.02 at the time of writing.