The data provided by Glassnode reveals an interesting picture at this point. According to the data, Bitcoin accumulation trend has jumped from its lows on June 1, increasing almost 9 times as of July 10 (from 0.05 to 0.44). This increase has not been seen since Bitcoin was trading above $70,000 in mid-April.

However, the underlying reasons for this rise raise a question mark. It is known that during the same period, the German government created sales pressure in the market by disposing of its Bitcoin assets. This resulted in a market-wide bearish momentum and a strengthening of the FUD (fear, uncertainty, doubt) environment. As a result, Bitcoin price fell below $54,000, making investors nervous.

So, what are Bitcoin whales doing in this environment of uncertainty? CryptoQuant’s report dated July 10 reveals an interesting contradiction. According to the report, whales continue to actively accumulate cryptocurrency despite market uncertainty. This accumulation shows that whales increased their Bitcoin holdings by 6.3% on a monthly basis.

Glassnode data also supports this information. While the number of whales holding at least 1,000 BTC (approximately $58.2 million at the time of writing) was 1,640 on July 1, this number increased to 1,643 on July 10. This move may suggest that major investors expect the Bitcoin market to recover despite Germany’s sell-off.

So what do these conflicting signals mean? While on the one hand, there is uneasiness throughout the market due to government sales, on the other hand, the accumulation tendency of large investors may reflect their long-term confidence in Bitcoin. This may indicate that whales have a positive outlook on the future of Bitcoin despite short-term volatility.

However, it is also important to be cautious in current market conditions. Because the market is reacting to the US inflation data announced today. The data was released at 08:30 ET (12:30 UTC) and influenced the market reaction. The global cryptocurrency market cap is now at $2.24 trillion, down 1%.

Bitcoin has also lost 1.35% in value in the last 24 hours and is currently trading at $58,200. The market value of the asset is around 1.14 trillion dollars, with a daily transaction volume of approximately 25 billion dollars.

How the market will react in the coming days and the impact of US inflation data on the cryptocurrency market are issues that need to be followed closely. High inflation could reduce interest in risky assets, which could negatively impact the price of Bitcoin. However, if inflation declines, investors may turn more to crypto money.

Uncertainty in the Bitcoin market continues. Although the whales’ tendency to accumulate reflects investors’ long-term confidence, it is necessary to be wary of short-term volatility. It seems that inflation data and investors’ general risk appetite will determine the direction of the market in the coming days.