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Bitcoin’s drop to around $58,000 in July has sparked debate over whether it marked the cycle bottom, while on-chain data showed unusually weak dip-buying at the time, Cointelegraph reported.
Citing the HODL Waves indicator, on-chain analyst Willy Woo said relatively few investors bought the July dip and that the buying may even have come from a single whale. HODL Waves groups Bitcoin supply by how long each coin has remained dormant in a wallet and displays the data in a wave-like pattern. Within that framework, the share of supply dormant for one to seven days is used to gauge investor buying activity after major BTC price swings.
Woo said that when BTC fell to around $58,000 on July 1, local time, the share of supply dormant for one to seven days was just 1.97%. The figure rose only slightly in the following days and reached just 2.35% on July 5. Compared with past BTC bottoms, on-chain activity was relatively limited, he said, adding that dip buyers accumulated slowly and that the buying may have been driven by a single whale, an unusually rare pattern.