The number of “non-empty” BTC wallets has decreased by 566,000 in three weeks, reports Santiment. This, in their (and not only their, of course) opinion, is a sign of a price bottom.
Theses from#Santimentanalytics:
-Over the past 3 weeks there has been a net drop in BTC by -566 thousand holders, traders are too scared.
-The previous similar fall in hodlers was in January and February, shortly before the BTC price explosion.
“Weak hands fall out of holders at 5-week lows.”
At the same time, according to #CryptoQuant, when#BTCprices fell to $54,000 on July 8, one buyer purchased almost 10,000 BTC for a total of about $540 million.
CryptoQuant also notes that cold wallets have accumulated 85,000 BTC over the past month, on a downward trend.
It only remains to add that according to #SoSoValue, following the results of yesterday's trading day of spot Bitcoin ETFs, an influx of funds of $295 million was recorded and this is the largest in the last three weeks. At the same time, the net inflow the day before, based on the results of July 8, amounted to $216 million. TOP buyers -#BlackRockand #Fidelity.
And this is the case when institutions no longer behave “like a hamster.” They buy the fear and uncertainty of retail (Fear and Greed Index - 28).
All this does not mean that you need to open longs on#BTChere and now. These could be long-distance investment purchases. Those who can afford to then buy more in case of a decline. And risky players with leverage may be solvent at the moment, but will not survive possible drawdowns.
