Despite a market dip, Bitcoin whale and shark wallets are on the rise, while smaller traders sell off their holdings. In July alone, there has been a net increase of 261 wallets holding at least 10 BTC, signaling long-term bullish sentiment among larger investors.

For over a month, the correlation between Bitcoin and the S&P 500 has broken. While BTC retraced to $54,000, the S&P 500 hit new all-time highs.

The future remains uncertain, but the Bitcoin accumulation trend score suggests a shift in investor sentiment. Following an extended distribution phase since April, many investors are now choosing to accumulate BTC.

Adding to the market dynamics, the German government resumed its Bitcoin unloading on July 11, 2024. So far, 2,375 BTC ($138M) has been moved out at an average price of $58,051 today. The government still holds 13,177 BTC ($768M) and is likely to continue offloading more in the coming hours.

Bitcoin ETFs have also seen significant activity. July has witnessed an average daily volume of $1.75B among the seven largest ETFs. This activity picked up significantly after a slow start, with average volume rising from $1.24B (July 1-3) to $2.13B (July 4-10), marking a 72% increase.

Bitcoin BTC ETF Net Inflow Hits $147 Million 

On July 10, 2024, BTC ETF net inflow summed to $147M, maintaining a strong positive trend with net inflows exceeding $100M for four consecutive trading days. Fidelity (FBTC) led the inflows with $57.8M, while BlackRock (IBIT) saw a sharp drop from $121M to $22.2M. Grayscale (GBTC) continued to experience a small outflow of $8.2M.

These developments suggest a complex but optimistic outlook for Bitcoin, with larger investors showing confidence even as smaller traders exit their positions. The coming weeks will be crucial in determining whether Bitcoin can regain its upward momentum and align with broader market trends.

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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