During the recent Bitcoin price dip, wallets holding between 1,000 and 10,000 BTC displayed notable confidence, consistently increasing their holdings as the market declined.
In contrast, wallets with less than 1 BTC exhibited a lack of conviction, experiencing the most significant reduction in holdings during yesterday’s downturn.
Wallets holding between 1,000 and 10,000 BTC demonstrated confidence during the recent dip, consistently increasing their holdings as prices fell.
On the other hand, wallets with less than 1 BTC showed weak hands, with the most substantial decrease in holdings during yesterday's… pic.twitter.com/ib2bNv1YQJ
— IntoTheBlock (@intotheblock) August 6, 2024
Institutional investment in Bitcoin is at unprecedented levels, yet market sentiment remains entrenched in extreme fear.
Over the past 48 hours, Bitcoin whales have purchased more than 30,000 BTC, valued at around $1.62 billion. This activity is evident from a surge in exchange outflows and a reduction in BTC held on exchanges.
In the past 48 hours, #Bitcoin whales acquired over 30,000 $BTC, valued at approximately $1.62 billion. This is evident from the surge in exchange outflows and the decrease in #BTC supply held on exchanges. pic.twitter.com/oV1aVu2tKc
— Ali (@ali_charts) August 6, 2024
In the short term, Bitcoin is forming a rising wedge pattern, which historically signals potential downtrends. While Bitcoin may reach the upper boundary of the wedge, around $56,000 to $57,000, traders should be cautious of a possible breakdown that could see prices retreat to approximately $51,000.
In the short term, #Bitcoin forms a rising wedge, a pattern often linked to downtrends. Though $BTC might climb to $56,000-$57,000 at the wedge's upper boundary, watch for a potential breakdown that could pull #BTC back to around $51,000! pic.twitter.com/qwBvwwHNnO
— Ali (@ali_charts) August 6, 2024
Bitcoin Spot ETFs Data Records Total Net Outflow Of $168 Million
On August 5, Bitcoin spot ETFs experienced a total net outflow of $168 million. Grayscale’s GBTC saw an outflow of $69.115 million, while the Grayscale mini ETF BTC experienced an inflow of $21.814 million. Fidelity’s FBTC had an outflow of $58.04 million, and ARK 21Shares’ ARKB also saw an outflow of $69 million.
On August 5, the total net outflow of Bitcoin spot ETFs was $168 million. Grayscale ETF GBTC outflowed $69.115 million, Grayscale mini ETF BTC inflowed $21.8114 million, Fidelity FBTC outflowed $58.04 million, and ARK 21Shares ARKB outflowed $69 million.https://t.co/59u0BnEqLG
— Wu Blockchain (@WuBlockchain) August 6, 2024
This combination of increased institutional interest and market volatility reflects the current complexity of Bitcoin’s market dynamics, as significant investments are contrasted by broader investor anxiety.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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