Despite the market turmoil, "big hands" still bought another $5.4 billion worth of Bitcoin in July

According to statistical data, in July, wallet addresses holding more than 0.1% of BTC supply actively bought another $5.4 billion worth of Bitcoin.

The first day of August was "bloody" when news of the Middle East conflict pushed Bitcoin price down to $63,600. However, data when July ended showed a different picture of the psychology of big investors.

CoinDesk cited data from IntoTheBlock and TradingView showing that wallet addresses owning at least 0.1% of circulating BTC supply bought more than 84,000 BTC in July. That is, "whales" accumulated up to $5.4 billion in Bitcoin in just the past 30 days.

This is also the largest amount of BTC purchased in a month since October 2014.

More specifically, large wallets actively bought when BTC fell below $55,000 in early July, due to news of the German government selling coins. They stopped accumulating and "stayed still" when BTC began its recovery phase, increasing to nearly $70,000 in the last days of the month.

Thus, it can be seen that "big hands" are extremely skilled traders, predicting the right low price range to buy in and then "sitting and watching" their portfolio grow.

Not only holders are confident in the future of the king coin, but analysts are also optimistic about the price movement in the coming time.

Bitfinex Derivatives Head Jag Kooner commented:

"The prospect of a September rate cut creates a sense of optimism and could increase liquidity in the market in general, which is beneficial for Bitcoin and other cryptocurrencies.

It will also create upward pressure on BTC and increase ETF inflows as investors look to take advantage of favorable markets to invest in risk assets."

The optimism is also driven by new capital flowing into the market through stablecoins pegged to fiat currencies like the USD. As reported, the stablecoin market capitalization "revived" to $164 billion, the first time since May 2022.

"This is the highest monthly increase in the stablecoin market capitalization since April, showing that new capital is pouring into the market, helping to push the price of BTC and Altcoins to grow."

In addition, Jag Kooner emphasized that the decreasing impact of negative news also strengthens investor confidence. Previously, news such as the German and US governments selling coins or Mt. Gox paying debts caused the market to fluctuate, but the price movements after that became much "calmer".

This shows that the market has partly "absorbed" all the negative news, partly because this type of news no longer makes investors panic.

"Currently, the market is very confident, especially when even seemingly negative news such as Mt. Gox debt repayment, the German government selling BTC and many on-chain moves cannot have a strong impact on BTC price anymore." Meanwhile, BTC price on the afternoon of August 1st slightly recovered to 64,400 USD, after falling to the price range of 63,600 USD this morning.