- Large holders amassed 84,000 Bitcoins worth over $5 billion in July.
- BTC records second-highest trading volume as Bitcoin ETF inflows surge.
Bitcoin (BTC) Whales accumulated 84,000 bitcoins in July, worth a total of $5 billion, the highest monthly gain since 2014. Such significant purchases often indicate a major market shift.
This unprecedented activity suggests that Bitcoin could be on the verge of a significant move. Historically, major market moves have often been preceded by large accumulations by whales. It is a crucial time for investors to remain vigilant.
Source: Ash Crypto on X
Cyclical indicators for Bitcoin on-chain signal a bull market
Over and beyond Bitcoin Indicators such as the bull/bear market cycle indicator, which were close to signaling a downturn, are now indicating a bull market again.
The Bitcoin price was briefly lowered for only three days. Given this data, the bull market seems solid. The market is likely to recover in two weeks.
Source: CryptoQuant
BTC futures and spot trading volume hits ATH
As Bitcoin price fell to $50,000, futures trading volume soared to a record $154 billion and spot trading volume reached $83 billion – the second highest ever.
This dramatic decline was followed by a strong recovery, with Bitcoin price rising over 23% from its weekly low.
Source: CryptoQuant
Increasing inflows into ETFs
Despite Bitcoin’s fluctuations, BlackRock’s Bitcoin Since its launch in January, the ETF has seen only one day of outflows, with over $20 billion locked up.
Recently, BTC ETFs recorded inflows of $194 million after five days of outflows. Notably, ETF inflows increase significantly every time the BTC price drops to nearly $50,000.
This pattern repeats itself, with large inflows occurring every time the BTC price drops below $50,000. This trend suggests that large investors are buying on dips.
Source: Bitcoin Archive on X
Bitcoin sales liquidity secured
Bitcoin has also shown an interesting pattern around the 5th of the month. In both July and August, there was a sharp decline for five days at the beginning of the month but then experienced significant recoveries.
While this could be a coincidence, it is notable that BTC has likely absorbed sell-side liquidity, which could be a sign of a potential rally. Analysts generally view the $70,000 high as a short-term high.
