The Bitcoin accumulation phase appears to have started as the price remains below $60,000 for a week. Glassnode data shows that the BTC accumulation trend has risen significantly, reaching a level not seen since April 11 when the cryptocurrency was trading at $70,000. This increase in accumulation comes as the German government sells off its BTC holdings, causing bearish sentiment in the market.
Despite the uncertainty, Bitcoin whales have begun accumulating the asset at a 6.3% monthly rate. The number of whales holding at least 1,000 BTC has also increased slightly, indicating that these large investors expect a market rebound. Today, Bitcoin and other major altcoins have seen a decline in value ahead of the release of U.S. inflation data.
The global crypto market capitalization has dropped by 1% and currently stands at $2.24 trillion. Bitcoin is down by 1.35% in the past 24 hours, trading at $58,200 with a market cap of $1.14 trillion and a daily trading volume of around $25 billion.