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<p>Bitcoin is bearish at press time, fading last week’s strong gains. Even though buyers expect prices to recover and break above $69,000, bears have been unyielding, even piercing the upper range of the current consolidation.</p> 
<p>At spot rates, Bitcoin is down 6% from last week’s highs and roughly 12% from all-time highs. Contracting prices also mean lower lows from all-time highs, a bearish signal.</p> 
<h2 id="bitcoin-whales-ramping-up-purchase">Bitcoin Whales Ramping Up Purchase</h2> 
<p>Despite this confluence of bearish signals, there are hints that buyers are accumulating at spot rates. As prices breach $66,000, the primary support, on-chain data shared by Ki Young Ju on X, <a class="editor-rtfLink" href="https://x.com/ki_young_ju/status/1816171584970789153" target="_blank" rel="noopener nofollow">points</a> to strength, at least looking at whale behavior.</p> 
<p>Though prices might be inching lower, Ju, the CEO of CryptoQuant, notes that whales have been aggressively buying in the past few weeks. Over the past month alone, 358,000 BTC were moved to permanent holder addresses. These wallets tend to HODL and not get shaken off by price volatility, as seen with retailers when prices drop. </p> 
<img loading="lazy" decoding="async" class="size-full wp-image-312042" src="https://bitcoinist.com/wp-content/uploads/2024/07/GTRWKF3WIAEE2ru.jpg?resize=1024%2C576" alt="Whales accumulating BTC | Source: @ki_young_ju via X" width="1024" height="576" srcset="https://bitcoinist.com/wp-content/uploads/2024/07/GTRWKF3WIAEE2ru.jpg?resize=1024%2C576?w=4000 4000w, https://bitcoinist.com/wp-content/uploads/2024/07/GTRWKF3WIAEE2ru.jpg?resize=1024%2C576?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/07/GTRWKF3WIAEE2ru.jpg?resize=1024%2C576?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/07/GTRWKF3WIAEE2ru.jpg?resize=1024%2C576?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/07/GTRWKF3WIAEE2ru.jpg?resize=1024%2C576?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/07/GTRWKF3WIAEE2ru.jpg?resize=1024%2C576?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/07/GTRWKF3WIAEE2ru.jpg?resize=1024%2C576?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/07/GTRWKF3WIAEE2ru.jpg?resize=1024%2C576?w=1140 1140w, https://bitcoinist.com/wp-content/uploads/2024/07/GTRWKF3WIAEE2ru.jpg?resize=1024%2C576?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<p>Most importantly, these addresses are not associated with spot Bitcoin ETF issuers or miners. So far in July, BlackRock, Fidelity, and other spot ETF issuers, like Bitwise, have bought over 53,000 BTC on behalf of their clients. </p> <a href="https://www.tradingview.com/x/D4xViVPk/" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/D4xViVPk/" alt="Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView" width="1233" height="592"></a> 
<p>The fact that coins are moving to these wallets suggests that whales are confident of what lies ahead and are unwilling to offload their stash, coming at a time when spot Bitcoin ETF issuers are scooping more coins from circulation. </p> 
<h2 id="mt-gox-distribution-soaked-impressively-well-by-the-btc-market">Mt. Gox Distribution Soaked Impressively Well By The BTC Market</h2> 
<p>Interestingly, whales are gulping more BTC and HODLing just when Kraken, a crypto exchange, had completed their Mt. Gox creditor repayment process. The BTC market was concerned that Mt. Gox distribution would cause a blood bath from late June to early July. </p> 
<p>However, looking at events in the past few days, the market seemed to have handled any sell-off well without causing much volatility. In a post on X, Ju <a class="editor-rtfLink" href="https://x.com/ki_young_ju/status/1816147418083217832" target="_blank" rel="noopener nofollow">said</a> that spot trading volume and exchange flows remain normal on Kraken. </p> 
<img loading="lazy" decoding="async" class="size-full wp-image-312043" src="https://bitcoinist.com/wp-content/uploads/2024/07/GTQ8DoBXoAAIQ62.png?resize=780%2C530" alt="Spot Bitcoin trading volume remains normal at Kraken | Source: Whales accumulating BTC | Source: @ki_young_ju via X" width="780" height="530" srcset="https://bitcoinist.com/wp-content/uploads/2024/07/GTQ8DoBXoAAIQ62.png?resize=780%2C530?w=780 780w, https://bitcoinist.com/wp-content/uploads/2024/07/GTQ8DoBXoAAIQ62.png?resize=780%2C530?w=618 618w, https://bitcoinist.com/wp-content/uploads/2024/07/GTQ8DoBXoAAIQ62.png?resize=780%2C530?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/07/GTQ8DoBXoAAIQ62.png?resize=780%2C530?w=750 750w" sizes="(max-width: 780px) 100vw, 780px" data-recalc-dims="1"> 
<p>Amid this development, more users are flowing back into the crypto market. The Mt. Gox repayment via Kraken coincides with a <a class="editor-rtfLink" href="https://x.com/jjcmoreno/status/1816136887347695709" target="_blank" rel="noopener nofollow">marked</a> increase in USDT and stablecoin liquidity. Historically, any upsurge of <a href="https://bitcoinist.com/bitcoin-mt-gox-daily-btc-exchange-inflow-low/" target="_blank" rel="noopener ">USDT inflows</a> to exchange has preceded sharp price gains in Bitcoin. </p>

Bitcoin Whales Scoop 358,000 BTC As USDT Liquidity Spikes: Are Bulls Ready To Rumble?

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