July Dip Sees Little Buying Activity from Investors Amid Bear Market Debate

The recent dip in Bitcoin's price to $57,800 in July saw little buying activity from investors, according to onchain data. The HODL Waves metric showed that only a small portion of the supply was dormant for one to seven days, indicating a lack of new buyers entering the market.

On July 1, when BTC/USD briefly dropped below $58,000, the portion of the supply dormant between one and seven days stood at 1.97%, according to data from Look Into Bitcoin. This figure only marginally increased in the following days, reaching a mere 2.35% on July 5.

Willy Woo, an analyst, noted that this lack of onchain movement is unusual among long-term BTC price lows. He attributed it to possibly slow buying by a single whale or institutional investors impacting the HODL Waves data.

The findings add to the debate around whether July marked Bitcoin's latest bear-market bottom. Rekt Capital warned that the structure of the bear market remains intact, with Bitcoin positioned for a repeat of previous bearish price history.