The Bitcoin price has rallied all the way past $65,000 earlier this week amid strong inflows into the spot Bitcoin ETFs recently. Apart from that, we have seen institutional players and BTC whales buying aggressively during the early July BTC correction.
$100K Weekly Bitcoin Inflows
CryptoQuant CEO Ki Young Ju has mentioned a significant shift in the Bitcoin trading dynamics stating that the over-the-counter (OTC) markets have overwhelmed the centralized exchange markets.
As per Ju, the whale holdings with more than 1,000 BTC – including custodial wallets and spot Bitcoin ETFs – have accumulated a massive 1.45 million BTC this year so far, thereby taking the total holdings to more than 1.8 million BTC.
During the 2021 bull run, Ju said that a total of 70,000 Bitcoins flowed in throughout the year. Now, the $100K weekly inflows so far in 2024 could set the stage for the next bull run.
To clarify further, Ju states that this is not an internal shuffling from the existing custodial wallets. “The balance of old whale wallets (over 155 days) hasn’t decreased, while the balance of new whale wallets (under 155 days) has increased,” Ju explained.
Also Read: Bitcoin Price Soars 12% But Are Crypto Stocks Rising?
BTC Price Action Going Ahead
The Bitcoin price has delivered strong gains jumping by more than 20% over the past two weeks from the lows of $53,500. However, after its continuous run-up to $65,500 this week, Bitcoin is facing some partial retracement. At the press time, the Bitcoin price is trading 1.5% down at $64,581 with a market cap of $1.274 trillion.
Popular crypto analyst Peter Brandt said that the Bitcoin chart is likely to continue with the formation of lower highs and lower lows. “While I am impressed by the current bounce in Bitcoin it should be noted that the sequence of lower highs and lower lows continues despite the halving, despite the ETf, despite the hype,” he said. Moreover, the Mt. Gox redistribution has also contributed in the BTC price volatility recently.
The Bitcoin show continues, according to On-chain College, with a brief dip under the BTC Momentum indicator intended to shake out less convicted investors, reset sentiment, and set up the next rally.
A brief period under the BTC Momentum indicator to shake out the less convicted, reset sentiment, and setup the next run.
The Bitcoin Show Goes On… pic.twitter.com/WYl1WwKi5x
— On-Chain College (@OnChainCollege) July 17, 2024
Also Read: XRP Volume Outshines Bitcoin On Upbit Amid Price Breakout
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