Cryptocurrency

Will July Be Profitable For Bitcoin Investors?

The bull storm, which started with 2020, experienced a major pause and regression in the past May and June. While the market is slowly starting to recover, On-chain data analysis firm Santiment states that the whales are moving for Bitcoin, which is a party to the market. With expert crypto analysts and Santiment information, let’s begin to examine the possible movements of Bitcoin whales in July…

Santiment: BTC whales break records

On-chain information analytics firm Santiment reports that BTC whales are buying 60,000 Bitcoins in one day. Stating that wallets with BTC in the middle of 100 and 10,000 have a total of 9.12 million Bitcoins, Santiment states that this measure is 100 thousand more compared to a month and a half ago.

Stating that small investors have been in panic since April, the company says that whales have accumulated BTC in this period. Accordingly, addresses holding at least 10,000 BTC bought about 90,000 BTC in less than a month. While emphasizing that this measure is half the market, Santiment adds that Elon Musk and Chinese FUDs cannot discourage whales. Investors, on the other hand, are eagerly awaiting the July movements of whales.

Will July be beneficial for Bitcoin?

Analyst Mandy Williams begins by saying that whales are influencing Bitcoin markets as usual, noting that giant wallets have gained more than 5% of the asset after purchasing 60,000 BTC. Additionally, the leading crypto managed to stay above $35,000 before today’s drop.

While multiple investors are worried about the recent drop in Bitcoin’s hash rate, July is starting off well for the president, according to the analyst. Finally, Bitcoin’s biggest loss in July occurred in 2011 and 2019. In these periods, BTC is 19% per month. It closed with 7 losses, 36% in 2012. He had the most profitable July with 5 snow. Let’s take a look at Santiment’s current information after Williams, who sees BTC as a useful investment for July…

Santiment analyst: Bitcoin has reached the lowest supply in the last 6 months on exchanges

Another analysis that can take sides in July comes from the Santiment company. After the analyst who shared that BTC supply on centralized crypto trading platforms had dropped sharply to the lowest level in the last six months, the Santiment team also announced that they believe this shortage could prevent Bitcoin sales.

https://twitter. com/santimentfeed/status/1411971284448202755

In addition, Bitcoin, with its price of $ 35, 900, reached in the past hours, gave the opportunity for small and large investors to make purchases. In this regard, Santiment states that the leading cryptocurrency, with a peak of $ 65,000, is slowly being drawn into cold wallets. Additionally, the company emphasizes that the risk of large Bitcoin sales is reduced by this breakthrough.

China directly affects the Bitcoin hash rate

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As we have previously reported as , there was a big drop in the Bitcoin hash rate last week, and the hash rate fell to its lowest level in its history since 2019. The collapse in the hash rate, which fell from a historic high of 171 EH/s reached in May to 58 EH/s, is a result of cryptocurrency mining restrictions currently being heavily enforced by the Chinese government. On the other hand, today Bitcoin managed to break above the level of $36,000, but the region could not be protected and the leading cryptocurrency is trading at $34,293 at the time of writing.

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