• According to on-chain data company Santiment, Bitcoin’s price is likely to experience further growth in July due to the continued accumulation of Bitcoin by key crypto holders.
• Whales and sharks have been actively buying the flagship digital currency over the past few weeks, purchasing a “big chunk” of 154,500 BTC in seven weeks.
• Wallets holding between 10 and 10,000 BTC currently own 13 million Bitcoins out of the total supply of 21 million.

Likely Price Growth for Bitcoin

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.

Buying from Key Crypto Holders

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 as news of Bitcoin ETF refilings sponsored by large institutions like Fidelity emerged – amounting to 154,500 BTC purchased in seven weeks.

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 (the total supply being capped at 21 million). Additionally, anonymous wallets transferred around 21,700 BTC from Coinbase recently according to Whale Alert reports.

Implications

This ongoing accumulation indicates that major players are gaining confidence in Bitcoin as an asset class due its performance over time and future prospects. It implies that these investors remain bullish about cryptocurrencies despite recent sell-offs caused by regulatory uncertainty surrounding certain coins and DeFi tokens.

Conclusion

The increasing number of whales and sharks acquiring large amounts of Bitcoin could lead to further rises throughout July if these stakeholders remain confident enough in cryptocurrency assets to keep accumulating them.