Bitcoin Whales Acquire $436 Million in BTC in a Day Amid Heightened Fear, Uncertainty, and Doubt
Bitcoin whales have been discreetly accumulating BTC, as per the most recent analysis conducted by IntoTheBlock. The data indicates a shift in the accumulation patterns of Bitcoin, with a notable increase in net inflows to the largest wallets despite the prevailing market sentiment of fear, uncertainty, and doubt (FUD).
According to the analysis, holders controlling at least 0.1% of the total Bitcoin supply augmented their holdings by 7,130 BTC within a single day, with the total value of the stash estimated at around $436 million. IntoTheBlock’s data illustrates that the Netflow of Bitcoin Large Holders experienced fluctuations around the zero mark in recent weeks, reflecting periods of both net deposits and withdrawals from these wallets. Notably, a substantial surge in net inflows was observed on June 24th when the price of bitcoin briefly dropped below $60,000, prompting large holders to capitalize on the dip by adding 7,130 BTC to their wallets, marking their highest net inflows since late May.
This accumulation trend amid the market downturn underscores the confidence of major investors in the price trajectory of bitcoin, which is currently facing significant pressure. Despite concerns about potential further losses, data suggests the emergence of signs indicating local bottoms for Bitcoin. CryptoQuant highlighted these signs following a correction of approximately 15% over the past three weeks, with a particularly pronounced correction on Monday, reinforcing the likelihood of a local bottom.
In the futures market, the open interest witnessed a decrease of approximately $3 billion, primarily attributed to long liquidations. Moreover, funding rates for perpetual contracts have approached zero, indicating a balanced market with healthier and less excessively optimistic price structures. For short-term holders, the price of bitcoin dipped below the realized price of $62.6k, placing this group in a slightly negative average profitability zone. Historically, this level has served as a support during local corrections within broader uptrends.
Various factors are influencing the price action of BTC, including US macroeconomic data, especially uncertainties surrounding American monetary policy, which impact investors’ risk appetite. Upcoming data releases such as GDP and initial jobless claims on Thursday, and inflation data (PCE) on Friday are anticipated to influence market sentiment in the short term.
The current market structure indicates a potential local bottom, reflecting the dynamic nature of Bitcoin’s price movements amidst evolving market conditions.
