Bitcoin whales have been quietly accumulating BTC amidst a backdrop of fear, uncertainty, and doubt in the market. Recent analysis by IntoTheBlock shows a notable surge in net inflows to the largest wallets, indicating a shift in accumulation patterns. Holders with control of at least 0.1% of the total Bitcoin supply added 7,130 BTC worth approximately $436 million in a single day. This accumulation trend contradicts the prevailing market sentiment and suggests a bullish outlook amongst major investors.
Despite concerns regarding further losses in the market, data indicates that signs of local bottoms have emerged. Large holders capitalized on bitcoin’s price dip below $60,000 on June 24th by adding significant amounts of BTC to their wallets. This accumulation during a market downturn highlights the confidence of major investors in bitcoin’s long-term price trajectory. The trend also suggests that these investors believe in the resilience of the cryptocurrency amidst market fluctuations.
Several external factors are influencing BTC’s price action, including US macroeconomic data and uncertainties surrounding American monetary policy. Investors’ risk appetite is being impacted by upcoming data releases such as GDP, initial jobless claims, and inflation data. These data releases are expected to shape market sentiment in the short-term and could have significant implications for Bitcoin’s price movement.
In the futures market, open interest decreased by approximately $3 billion due to long liquidations, indicating a shift in market sentiment. Funding rates for perpetual contracts approaching zero suggest a balanced market with healthier and less overly optimistic price structures. Short-term holders have seen bitcoin’s price dip below the realized price of $62.6k, placing this group in slightly negative average profitability. Historically, this price level has acted as support during local corrections within broader uptrends, indicating a potential buying opportunity for strategic investors.
Overall, the quiet accumulation of Bitcoin by whales amidst market uncertainty reflects a strong belief in the long-term potential of the cryptocurrency. Despite short-term fluctuations and external influences, major investors continue to show confidence in Bitcoin’s price trajectory, highlighting the resilience and attractiveness of the digital asset in today’s financial landscape.