The latest analysis by IntoTheBlock has revealed a notable shift in Bitcoin accumulation patterns among whales in the market. Despite the prevailing market sentiment of fear, uncertainty, and doubt (FUD), there has been a surge in net inflows to the largest wallets. Holders with control of at least 0.1% of the total Bitcoin supply increased their holdings by 7,130 BTC in a single day, worth approximately $436 million.
The data from ITB indicates that Bitcoin Large Holders Netflow fluctuated around the zero mark in recent weeks, signaling periods of both net deposits and withdrawals from these wallets. However, on June 24th, there was a significant spike in net inflows as Bitcoin’s price briefly dropped below $60,000. Large holders seized this opportunity to accumulate 7,130 BTC, marking their highest net inflows since late May. This accumulation trend in the midst of a market downturn reflects the confidence of major investors in Bitcoin’s price trajectory, despite current pressures.
While concerns linger for further losses, data also suggests signs of local bottoms emerging in the market. According to CryptoQuant, these signals for Bitcoin appeared following a 15% correction over the past three weeks. Monday’s correction further supported the possibility of a local bottom, as indicated by the on-chain intelligence platform.
In the futures market, open interest decreased by approximately $3 billion, primarily driven by long liquidations. Funding rates for perpetual contracts have approached zero, indicating 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, resulting in slightly negative average profitability. Historically, this level has acted as support during local corrections within broader uptrends.
Several factors are influencing Bitcoin’s price action in the current environment. US macroeconomic data, particularly uncertainties surrounding American monetary policy, are impacting investors’ risk appetite. Upcoming data releases such as GDP and initial jobless claims on Thursday, as well as inflation data (PCE) on Friday, are expected to influence market sentiment in the short-term.
Overall, the accumulation trend among Bitcoin whales amid market uncertainty points towards a level of confidence in the digital asset’s future potential, despite short-term fluctuations and challenges. It will be essential to monitor how these factors evolve and how they continue to shape Bitcoin’s price trajectory in the coming weeks.
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