Despite a market dip, Bitcoin whale and shark wallets are on the rise, while smaller traders sell off their holdings. In July alone, there has been a net increase of 261 wallets holding at least 10 BTC, signaling long-term bullish sentiment among larger investors.
đłđ Bitcoin whale and shark wallets are increasing in number while small traders sell off their bags during this dip period. July has seen a net increase of +261 wallets that now hold at least 10 BTC, which should give traders comfort in a long-term bullish future. pic.twitter.com/y0BwKDxNGm
â Santiment (@santimentfeed) July 11, 2024
For over a month, the correlation between Bitcoin and the S&P 500 has broken. While BTC retraced to $54,000, the S&P 500 hit new all-time highs.
It's been over a month since the correlation between #Bitcoin and the S&P 500 broke. While $BTC retraced to $54,000, the S&P 500 hit new all-time highs. Only time will tell if #BTC will catch up! pic.twitter.com/1qyNUuityT
â Ali (@ali_charts) July 11, 2024
The future remains uncertain, but the Bitcoin accumulation trend score suggests a shift in investor sentiment. Following an extended distribution phase since April, many investors are now choosing to accumulate BTC.
The #Bitcoin accumulation trend score indicates a change in investor sentiment, with many now choosing to accumulate $BTC following an extended distribution phase since April. pic.twitter.com/kMSd0Z8P93
â Ali (@ali_charts) July 11, 2024
Adding to the market dynamics, the German government resumed its Bitcoin unloading on July 11, 2024. So far, 2,375 BTC ($138M) has been moved out at an average price of $58,051 today. The government still holds 13,177 BTC ($768M) and is likely to continue offloading more in the coming hours.
The German government has started the #Bitcoin unloading session on July 11, 2024.
So far, the German government has moved out 2,375 $BTC ($138M) at ~$58,051 in the past 15 minutes.
They still hold 13,177 $BTC ($768M) and may move out more $BTC in the next few hours.
Follow⊠https://t.co/pSF0WHJK2Y pic.twitter.com/I7bj2BCVGu
â Spot On Chain (@spotonchain) July 11, 2024
Bitcoin ETFs have also seen significant activity. July has witnessed an average daily volume of $1.75B among the seven largest ETFs. This activity picked up significantly after a slow start, with average volume rising from $1.24B (July 1-3) to $2.13B (July 4-10), marking a 72% increase.
đž The month of July has seen an average of $1.75B in Bitcoin ETF volume per day among the 7 largest ETF's. However, things have picked up after a slow start:
đ Average volume, July 1st through 3th: $1.24Bđ„ł Average volume, July 4th through 10th: $2.13B (+72% Rise) pic.twitter.com/Stmcw1e9ay
â Santiment (@santimentfeed) July 11, 2024
Bitcoin BTC ETF Net Inflow Hits $147 MillionÂ
On July 10, 2024, BTC ETF net inflow summed to $147M, maintaining a strong positive trend with net inflows exceeding $100M for four consecutive trading days. Fidelity (FBTC) led the inflows with $57.8M, while BlackRock (IBIT) saw a sharp drop from $121M to $22.2M. Grayscale (GBTC) continued to experience a small outflow of $8.2M.
đš $BTC #ETF Net Inflow July 10, 2024: +$147M!
âą The net inflow remains larger than $100M for 4 consecutive trading days. Strongly positive!
âą #Fidelity (FBTC) led with an inflow of $57.8M yesterday.
âą #BlackRock (IBIT) saw a sharp drop from $121M to $22.2M.
⹠#Grayscale⊠pic.twitter.com/7keJfWX1Uo
â Spot On Chain (@spotonchain) July 11, 2024
These developments suggest a complex but optimistic outlook for Bitcoin, with larger investors showing confidence even as smaller traders exit their positions. The coming weeks will be crucial in determining whether Bitcoin can regain its upward momentum and align with broader market trends.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: beautifulblossom/123RF // Image Effects by Colorcinch
The post Bitcoin Whale And Shark Wallets Increase Amid Market Dip appeared first on The Merkle News.
