Crypto Whales Bought Bitcoin Worth $5 Billion in July

In July, Bitcoin whales made significant moves by purchasing 84,000 bitcoins worth $5 billion, marking the largest monthly increase since 2014.

This trend often hints at a looming market shift, urging investors to stay vigilant.

🚨 BREAKING 🚨

LARGE HOLDERS ACCUMULATED
84,000 BITCOIN WORTH $5 BILLION
IN JULY.

THIS IS THE HIGHEST MONTHLY
ACCUMULATION SINCE 2014.

GIGA BULLISH 🔥 pic.twitter.com/D64Ai9Zmuo

— Ash Crypto (@Ashcryptoreal) August 10, 2024

Key Bitcoin indicators, which had been close to signaling a downturn, are now reflecting a bull market. The price saw a brief dip for three days, but the data suggests a robust bull market, with expectations of a market rebound within two weeks.

The drop in Bitcoin’s value to $50K triggered record futures trading volumes of $154 billion and spot trading volumes of $83 billion, the second-highest ever. This dip was followed by a 23% recovery from its weekly low.

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Morgan Stanley’s Bitcoin ETF Launch Could Trigger Major Regulatory Review

Despite fluctuations, BlackRock’s Bitcoin ETF has remained stable, with only one day of outflows since January and over $20 billion invested. Recently, BTC ETFs saw $194 million in inflows after five days of outflows, with significant inflows whenever BTC nears $50K, indicating that major investors are buying the dips.

A recurring pattern has been observed around the 5th of each month, with Bitcoin experiencing sharp drops followed by significant rallies in both July and August. This could suggest that BTC is absorbing sell-side liquidity, signaling potential upward movement. Analysts see the $70K peak as a short-term high.

Alexander Stefanov