In a recent report by Todayq News, it was observed that the consolidation between the range of $29,456 and $31,563 attracts many investors and whales. As this consolidation gives way to a breakdown, it creates fears among the investors and whales, resulting in significant sell-offs of around $55 million in cryptocurrencies, particularly in WBTC and ETH.
According to data from Glassnode, despite Bitcoin’s price dropping below $30,000, the Adjusted SOPR indicates that most of the sellers are still making a profit on their Bitcoin holdings. A slight market correction may create fear, but before selling assets, it is advisable to consider that investors are selling assets they bought at a discounted price. Also, it is observed and tweeted by an individual named @ali on Twitter.
Todayq News’ on-chain analysis reveals that despite a recent drop in price, a remarkable 68.96% of Bitcoin holders are still in a profitable position, outperforming many alternative cryptocurrencies. Interestingly, more than 3.4 million addresses executed Bitcoin purchases around the $30,000 mark, indicating a strong belief in Bitcoin’s long-term potential and driving significant buying activity at this price level.
Conversely, roughly half of the addresses active in the last 24 hours are currently experiencing losses, primarily attributed to investors who bought Bitcoin at slightly higher prices than the current market value. This discovery suggests that a considerable portion of recent investors may be encountering challenges amidst Bitcoin’s downward price trend.
Recently, the United States House Committee approved two pivotal bills on July 26, 2023, aimed at establishing clear guidelines for crypto firms, ensuring a secure and innovative future for the industry. Along with this development, many asset management companies and banks are supporting and praising cryptocurrency for cross-border payments.
On July 3, 2023, Glassnode tweeted that there has been a total accumulation of over 1.01 million Bitcoins since December 2021 until now, spanning 602 days. The news of spot Bitcoin ETF has attracted more investors and whales.
Recently, a Twitter profile named @Lookonchain observed that a whale bought 174 WBTC worth around $5.09 million at an average price of $29,350. Similarly, many more transactions were observed. According to data from Intotheblock, it is observed that around 248.73k addresses bought approximately 90.13k Bitcoin between the price range of $29,459 and $29,527. On the other hand, 2.12 million addresses bought approximately 907.19k Bitcoin between the range of $29,527 and $30,403.
Looking at these data, it seems that investors and whales are taking advantage of these prices and also taking advantage of asset management firms as they are showing their interest in spotting Bitcoin ETF. Overall cryptocurrency market sentiment is positive because banks, governments, and asset management firms like BlackRock, Invesco, and many others are supporting cryptocurrency.