As a researcher with experience in the crypto market, I’ve seen my fair share of volatility and price swings. The recent downturn in Bitcoin’s price, with a 5% dip in the last 24 hours pushing it under $59,000, is a concerning sign for investors. The loss of crucial support at $60,000 has raised questions about whether to buy the dip or wait for further downside.
As a crypto investor, I’ve noticed that Bitcoin‘s price has taken a turn for the worse, plummeting by 5% in just the last 24 hours and dipping below the $59,000 mark. With the loss of the crucial support level at $60,000, the next line of defense lies at $57,000. The million-dollar question for Bitcoin investors now is whether to seize this opportunity to buy at a lower price or hold off and wait for potential further declines.
Bitcoin Buy The Dip Opportunity?
According to on-chain data provider Santiment, Bitcoin and altcoins are experiencing significant sell-offs, pushing prices to nearly two-month lows. This downturn affects Bitcoin itself, which has dropped below $30,000, and Ethereum, despite the upcoming launch of spot Ethereum ETFs on July 15.
Santiment noted that some in the crypto sphere see this situation as a chance to buy at a dip. Yet, Santiment advises investors to exercise patience and hold off on new purchases until the initial excitement subsides.
Based on my analysis using Santiment’s data, I believe the optimal time to buy might be when traders begin to lose faith and grow impatient. The latest Bitcoin price decrease has triggered significant sell-offs as numerous investors purchased the dip when BTC was priced at approximately $60,000. This trend is also noticeable in other cryptocurrencies like Ethereum and Solana, which have experienced even more considerable declines.
As a crypto investor, I’ve noticed that spot Bitcoin ETFs have been underperforming lately. On July 3rd, for instance, these ETFs experienced net outflows of approximately $20.5 million. Among them, Grayscale GBTC recorded significant outflows amounting to $27 million, while Fidelity’s FBTC was the only one that attracted inflows worth $6.5 million. All other ETFs reported zero inflows for the day.
Bitcoin Whale Loses $20 Million in 15 Days
As a researcher studying the Bitcoin market, I’ve noticed a noticeable increase in whale activity following recent price volatility. Just ten minutes ago, a significant Bitcoin whale or institution deposited an extra 1,800 BTC, equivalent to approximately $106 million, into Binance. Over the past week, this same entity has transferred a total of 5,281 BTC, or around $323 million, to Binance at an average purchase price of about $61,196 per Bitcoin. With this latest deposit, the whale now holds a total of 6,068 BTC, worth roughly $358 million. However, it’s important to note that this whale has reportedly incurred a loss of around $20 million from recent trades.
The whale deposited 1,800 $BTC($106M) to #Binance at a loss again 40 minutes ago.
He has deposited 5,281 $BTC($323.2M) to #Binance since June 27, with a loss of ~$20M!
— Lookonchain (@lookonchain) July 4, 2024
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2024-07-04 07:48