Big Bitcoin Investors Boost Holdings by $5.4 Billion in July, New Data Indicates
Big Bitcoin Investors– In a show of confidence, large bitcoin (BTC) holders, known for their skill in timing market movements, significantly increased their BTC holdings in July, marking the fastest accumulation pace in years. This move capitalized on the price volatility seen in the market during the month.
According to data from blockchain analytics firm IntoTheBlock and TradingView, these major holders—defined as addresses holding at least 0.1% of BTC’s circulating supply—purchased over 84,000 BTC, worth $5.4 billion at current market prices. This represents the largest single-month increase in BTC holdings since October 2014.
The accumulation was driven by strategic buying during an early July dip, when BTC briefly fell below $55,000, and was followed by opportunistic pauses during the subsequent rise to $69,000. By the end of July, BTC had posted a modest 3% gain, as reported by CoinDesk. This targeted buying suggests that large holders are confident that the prolonged price consolidation between $50,000 and $70,000 will eventually lead to a bullish breakout, extending the rally that began from $16,000.
July Sees Large Bitcoin Holders Add $5.4 Billion Worth of BTC, According to Data
Analysts are optimistic about Bitcoin’s future price movements. Jag Kooner, Head of Derivatives at Bitfinex, commented via email, A rate cut in September would instill a sense of bullishness and potentially increase market liquidity, which would be beneficial for Bitcoin and other cryptocurrencies as investors seek higher returns outside traditional assets. This could exert upward pressure on Bitcoin’s price and attract increased ETF inflows as investors look to benefit from a more favorable environment for risk assets.
On Wednesday, Federal Reserve Chair Jerome Powell indicated that interest rates might be reduced as soon as September, provided economic data supports such a move. The Fed maintained its benchmark interest rate at 5.25%-5.50%, in line with expectations. ING noted in a daily client update, The Fed has been aiming for a ‘soft landing,’ and if the data permits a rate cut—which seems likely based on current trends—officials are expected to shift monetary policy from ‘restrictive’ to ‘slightly less restrictive’ starting in September, with potential additional cuts in November and December.
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