According to the latest analysis by IntoTheBlock, these Bitcoin whales have been quietly acquiring substantial amounts of BTC.

Bitcoin Whales Accumulate 7,130 BTC

Data reveals that wallets holding at least 0.1% of the total Bitcoin supply increased their holdings by 7,130 BTC in just one day, an amount valued at approximately $436 million.

IntoTheBlock’s data indicates that the Bitcoin Large Holders Netflow has been hovering around the zero mark over recent weeks, suggesting a balance between deposits and withdrawals from these wallets. However, there was a notable spike in net inflows on June 24th, coinciding with Bitcoin’s brief dip below $60,000.

During this dip, large holders took advantage of the lower prices, adding 7,130 BTC to their wallets, marking the highest net inflows since late May. This accumulation trend amidst a market downturn demonstrates the confidence of major investors in Bitcoin’s future price direction, despite current market pressures.

Indicators of Bitcoin's Local Bottom

While there are ongoing concerns about potential further losses, data also suggests that Bitcoin might be forming a local bottom. According to CryptoQuant, these indicators emerged following a 15% correction over the past three weeks.

Monday's correction was particularly significant, reinforcing the possibility of a local bottom. In the futures market, the open interest decreased by approximately $3 billion, largely due to long liquidations. Additionally, funding rates for perpetual contracts have approached zero, indicating a more balanced and less overly optimistic market.

For short-term holders, Bitcoin’s price has fallen below the realized price of $62,600, placing this group in slightly negative average profitability. Historically, this level has served as support during local corrections within broader uptrends.

Influencing Factors on Bitcoin's Price

Several factors are influencing Bitcoin’s price action. Key among them is the US macroeconomic data, especially uncertainties surrounding American monetary policy, which affect investors’ risk appetite. Upcoming data releases, including GDP and initial jobless claims on Thursday and inflation data (PCE) on Friday, are expected to influence market sentiment in the short term.