PANews reported on July 15 that according to Cointelegraph, a chart from crypto analysis company IntoTheBlock showed that when the price of Bitcoin retreated to US$54,200 on July 5, the Bitcoin whale address increased its holdings by 71,000 Bitcoins, worth approximately US$4.3 billion.

In addition, CryptoQuant data shows that Bitcoin whales are currently hoarding Bitcoin at the fastest rate (calculated on a 30-day moving average) since April 2023 (the US Silicon Valley Bank collapse crisis). CryptoQuant analyst Minkyu Woo added: "This suggests that the bottom of BTC may be close to completion."

Meanwhile, crypto analytics firm Santiment noted that small traders have been selling their holdings during the current decline; in addition, the number of Bitcoin wallets holding at least 10 BTC increased by 261 in the first 10 days of July. Santiment commented that this should make traders feel comfortable about the long-term bullish future.