Whale or Worry: Slow Buying Activity in July Sparks Bear Market Concerns
A recent analysis of Bitcoin's price action in July suggests that buyers were hesitant to jump into the market despite a brief dip below $58,000.
According to data from Look Into Bitcoin, the portion of the supply dormant between one and seven days stood at 1.97% on July 1, and only increased marginally to 2.35% by July 5.
This lack of on-chain movement is an 'anomaly' according to Willy Woo, who noted that previously buyers would rush to buy new lows.
Woo speculated that a single whale may have been among the few dip-buyers at the time, and acknowledged that institutional investment vehicles could be impacting the HODL Waves data.
The findings add to the debate around whether July marked Bitcoin's latest bear-market bottom, with some analysts warning that the structure of the bear market remains intact.