According to TechFlow, on July 12, Cointelegraph reported that the Quicktake blog post published by the on-chain analysis platform CryptoQuant on July 11 stated that institutional investors increased their holdings by 100,000 bitcoins in a week, worth about $5.7 billion. CryptoQuant analyst Cauê Oliveira pointed out that since the beginning of June, these entities holding 1,000 to 10,000 bitcoins have accelerated their pace of holdings, and even when the price of Bitcoin hit its lowest level since February, the increase continued. Unlike the inflow of ETF funds in March, this increase in holdings is more like a "bottom-fishing" behavior by big players.