Bitcoin Whales Accumulate 436 Billion in BTC in a Day Amid Intense FUD ITB

According to the latest analysis from IntoTheBlock, Bitcoin whales are quietly devouring Bitcoin.
Despite prevailing FUD market sentiment, there has been a shift in the accumulation pattern of Bitcoin, with a sharp increase in net funds flowing into the largest wallets.
Bitcoin whale holdings increased by 7130 BTC
Data shows that holders controlling at least 0.1% of the total Bitcoin supply increased their holdings by 7130 Bitcoins in a single day, worth approximately $436 million.
ITB data reveals that in recent weeks, Bitcoin whale net flows have fluctuated around zero, indicating a period of net deposits and withdrawals for these wallets. It is worth noting that on June 24, as the Bitcoin price briefly dropped below $60,000, net inflows surged significantly.
Large holders took advantage of this dip to increase their holdings by 7130 Bitcoins in their wallets, marking the highest net inflow since late May.
In the midst of a sluggish market, this accumulation trend underscores the confidence of major investors in the trajectory of Bitcoin prices, which are currently facing significant pressure.
Bitcoin’s local bottom
Despite concerns about further losses, data also indicates signs of a local bottom forming. According to CryptoQuant data, these signs for Bitcoin emerged after a correction of about 15% over the past three weeks.
Monday’s correction was more pronounced, further supporting this possibility as a chain intelligence platform. For example, in the futures market, open interest decreased by approximately $3 billion, mainly due to long liquidations. Additionally, the funding rate for perpetual contracts has approached zero, indicating market balance and a healthier price structure, less overly optimistic.
At the same time, for short-term holders, Bitcoin’s price has fallen below the actual price of $626,000, making the average profitability of this group slightly negative. Historically, this level has served as support during local corrections within broader uptrends.
Several factors are influencing BTC price movements. Whether it’s U.S. macroeconomic data, especially due to uncertainty about U.S. monetary policy, affecting investors’ risk appetite. Upcoming data releases, including Thursday’s GDP and initial jobless claims, as well as Friday’s inflation data, are expected to impact market sentiment in the short term.
“However, the current structure suggests that a local bottom may be forming.”