Glassnode: bitcoin accumulations hit a three-month high

Such a level hasn't been seen since April 11, 2024, when the flagship cryptocurrency traded at $70,000.

The indicator has been rising since the German government started selling off its bitcoin holdings. This triggered a bearish momentum in the crypto market and caused the leading asset to fall to the $54,000 mark.

On July 10, analysts at CryptoQuant reported that while the market was in uncertainty, bitcoin miners began hoarding the coin, increasing their balances by 6.3% per month.

According to Glassnode, the number of large investors holding at least 1,000 BTC (roughly $58.2 million) rose from 1,640 as of July 1 to 1,643 as of July 10. According to analysts, this increase indicates that cryptocurrencies expect the market to recover, even despite the bearish sentiment amid the sell-off by the German authorities.

Bitcoin and other altcoins continue to fall in price today. Over the day, the leading cryptocurrency dropped another 0.1% ahead of the release of US inflation data. The capitalization of the global crypto market fell by 0.1% and is currently holding at $2.23 trillion.