The Bitcoin (BTC) accumulation phase has reached a three-month high, following a week of prices below $60,000. Glassnode data shows the BTC accumulation trend score surged from 0.05 on June 1 to 0.44 by July 10, a level last seen in April when BTC traded at $70,000.
This increase began as the German government sold off its BTC holdings, causing a market-wide bearish momentum. Despite this, Bitcoin whales have been accumulating BTC, increasing their balances by 6.3% monthly. The number of whales holding at least 1,000 BTC rose from 1,640 on July 1 to 1,643 on July 10.
Currently, Bitcoin is trading at $58,200, down 1.35% in the past 24 hours, with a market cap of $1.14 trillion. This trend indicates that large holders expect a market rebound, highlighting the strategic importance of BTC accumulation in uncertain times.
