An anonymous Bitcoin whale suddenly bought $792 million worth of BTC. Such a large sum is certainly not small, especially just moments after the market was hit by a wave of liquidations of over $1 billion.
This buying spree occurred just after the release of US producer inflation data for July, which came out hotter than expected.
The figure was 3.3%, exceeding expectations of 2.5%. As a result, the crypto market immediately floundered. Leveraged positions collapsed. Large traders on Bybit were recorded as having been liquidated for over $447 million.
However, amid the chaos, some acted in the opposite direction. This Bitcoin whale entered en masse. Strange? Not necessarily. Often, when traders panic, that’s when whales dive the deepest.
Bitcoin whale moves trigger institutional buying wave
The anonymous Bitcoin whale wasn’t the only one busy accumulating. At almost the same time, institutions like BlackRock were also seen actively buying.
The company reportedly injected over $523 million into Bitcoin, and nearly the same amount into Ethereum. Spot ETFs also joined the fray, recording inflows totaling $230 million, most of which went into BlackRock’s IBIT.
Furthermore, Ethereum ETFs also received a similarly large inflow: around $640 million. One ETH ETF even recorded an inflow of $520 million in a single day. With such massive volumes, it’s understandable that the market is starting to wonder: what do they know that the public doesn’t already know?
Meanwhile, the Bitcoin price chart is beginning to show a new movement pattern. After hitting a record high of $124,500, the price corrected and is now stable in the $118,000–$119,000 range. Some analysts predict a sideways movement, between $116,000 and $123,000. So, it’s not a full-blown run, but a short break.
However, what keeps the market optimistic is the fact that these Bitcoin whale and large institutional actions are occurring at a time of price decline. This could signal that they view this decline not as the end, but as a discount.