According to CoinDesk, large Bitcoin (BTC) holders increased their holdings of Bitcoin at the fastest rate in years in July, taking advantage of the price fluctuations.
Data tracked by blockchain analytics company IntoTheBlock and trading software TradingView shows that large holders (addresses holding at least 0.1% of BTC circulating supply) accumulated over 84,000 Bitcoins in July, worth approximately $5.4 billion at the current market price. In terms of BTC quantity, this is the largest monthly accumulation since October 2014.
The data indicates that these large holders bought at lower prices when the Bitcoin price dropped below $55,000 in early July, and then paused their accumulation when the price rose to $69,000. They increased their net inflow during two price corrections in late July.
This strategic accumulation may suggest that the accumulators believe the consolidation phase between $50,000 and $70,000 will eventually end with a bullish breakout, continuing the initial rebound from $16,000.
Some analysts are optimistic about the price outlook for Bitcoin. Jag Kooner, Head of Derivatives at cryptocurrency exchange Bitfinex, stated:
“The weakening impact of negative news has strengthened market confidence. Bullish sentiment also comes from the influx of funds into stablecoins. According to data from digital asset data company CCData, the total market value of stablecoins rose by 2.11% to $164 billion in July, the highest monthly increase since April. This indicates new funds flowing into the market and is reflected in the positive price trend in July.”
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