Outside Source
Bitcoin whales are quietly scooping up BTC, according to the latest analysis by IntoTheBlock.
There has been a shift in Bitcoin accumulation patterns with a surge in net inflows to the largest wallets despite the prevailing market sentiment of FUD.
Bitcoin Whales Increase Holdings By 7,130 BTC
The data revealed that holders with control of at least 0.1% of the total Bitcoin supply increased their holdings by 7,130 BTC in a single day, with the stash worth around $436 million.
ITB’s data shows that the Bitcoin Large Holders Netflow fluctuated around the zero mark over recent weeks, which was indicative of periods of both net deposits and withdrawals from these wallets. Notably, there was a significant surge in net inflows on June 24th as bitcoin’s price briefly tumbled below $60,000.
Large holders managed to take advantage of this dip by adding 7,130 BTC to their wallets, thereby recording their highest net inflows since late May.
Such an accumulation trend amid the market downturn highlighted the confidence of major investors in bitcoin’s price trajectory, which is currently under tremendous pressure.
Bitcoin’s Local Bottom
While concerns remain for more losses, data also suggests that signs of local bottoms have emerged. According to CryptoQuant, these signs for Bitcoin formed after a correction of about 15% over the past three weeks.
The correction on Monday was even more pronounced, which further backed this possibility as the on-chain intelligence platform. In the futures market, for instance, the open interest decreased by roughly $3 billion, primarily due to long liquidations. Additionally, funding rates for perpetual contracts have neared zero, suggesting a balanced market with healthier and less overly optimistic price structures.
Meanwhile, for short-term holders, bitcoin’s price has dipped below the realized price of $62.6k, placing this group in slightly negative average profitability. Historically, this level has served as support during local corrections within broader uptrends.
There are several factors at play influencing BTC’s price action. Be it the US macroeconomic data, particularly due to uncertainties surrounding American monetary policy, which impacts investors’ risk appetite. Upcoming data releases, including GDP and initial jobless claims on Thursday and inflation data (PCE) on Friday, are all expected to influence market sentiment in the short-term.
“However, the current structure suggests a possible local bottom.”
This article first appeared at CryptoPotato
