Bitcoin Whales Bought the Dip While ETFs Bled Billions: What's Next?

Bitcoin whales never stopped buying. While Wall Street's spot ETFs bled nearly $2.7 billion over 10 sessions, large holders were gobbling up supply. CryptoQuant data shows consistent whale orders since June 30, absorbing the sell-off. This accumulation phase, marked by large orders, suggests conviction from deep pockets.

Now, the tide is turning. ETFs saw their first positive day in 10 sessions on July 2, raking in $221.7 million. This rebound, spurred by cooler jobs data that eased rate hike fears, saw funds like Fidelity and ARKB leading the charge. However, June was still the worst month on record for these ETFs, with year-to-date flows remaining negative.

On-chain analysis from Glassnode reveals a clear path for price appreciation. The UTXO Realized Price Distribution (URPD) shows minimal supply clusters overhead, with only about 0.72% of supply last moved near $64,373. This suggests limited resistance for any upward price movement.

Below the current price, however, significant support lies. Clusters around $61,849 and $60,587 indicate zones where large amounts of BTC were acquired, potentially acting as a strong floor. The on-chain map shows more supply below than above, a bullish setup.

This synchronized buying from both whales and potentially returning institutions, coupled with light overhead resistance, sets the stage for a potential breakout. The question is whether this thin band of resistance will break as easily as the on-chain data suggests.