Bitcoin whales have capitalised on the recent market downturn, acquiring 71,000 BTC worth $4.3 billion in July 2024, marking the fastest accumulation rate since April 2023. This surge in purchases occurred as Bitcoin's price dipped to $54,200 on July 5. Analysts from CryptoQuant suggest that this aggressive buying may indicate that Bitcoin has nearly bottomed out. During this period, smaller traders have been selling, while there has been a notable increase in wallets holding at least 10 BTC. Additionally, a significant Bitcoin whale reactivated after a 12-year pause, transferring 1,000 BTC worth nearly $60 million. The recent price slump has also been influenced by Mt. Gox's plans to release $8 billion to creditors and a German government sale of nearly 50,000 BTC. Despite the dip, Bitcoin's price has shown signs of recovery, trading at $60,850, boosted by recent market developments including Trump's survival of an assassination attempt​.