Bitcoin’s price had a nice jump at the start of July, but then slowed down after some good US jobs numbers came out. Surprisingly, this wasn’t the boost for Bitcoin that people expected. However, some interesting things are happening behind the scenes.
Retail Investors Jump Back In
According to on-chain data analysis, smaller investors (retail traders) are buying Bitcoin again. This is in contrast to what larger investors are doing.
One analyst, Amr Taha, noticed that while the total amount of Bitcoin futures contracts (a type of bet on Bitcoin’s price) hasn’t gone up much, small-time investors have increased their Bitcoin holdings significantly – about 382,000 BTC!
Meanwhile, long-term holders (the more experienced investors) are actually selling off a similar amount of Bitcoin. This could be them taking profits or just reducing risk. It’s like the small guys are “buying the dip” while the pros are getting a bit cautious.
Big Players Cash Out
The big players (whales – those holding 10,000+ BTC) also sold off a chunk of Bitcoin (around 12,000 BTC) early in July. Medium-sized whales (1,000-10,000 BTC) sold off about 14,000 BTC around the same time. This suggests that these larger investors might be expecting the price to go down or are waiting for a better time to buy more. They seem to be in a “distribution phase,” selling off some of their holdings.
What’s Next for Bitcoin?
The future of Bitcoin’s price is still uncertain. While smaller investors are optimistic, the bigger players are being more cautious. If the overall economic situation improves, Bitcoin might go up again, but it all depends on whether the large investors regain confidence. For now, Bitcoin’s price is hovering around $30,000 (Note: Price is approximate and subject to change).
