Bitcoin buyers show subdued response to July price dip
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Written by
Simonas Brazionis - Updated 2026-09-16 08:09:16
Analysis reports indicate that Bitcoin buyers did not actively acquire BTC as its price dropped to $57,800 in July. The HODL Waves metric showed a subdued response from investors when BTC/USD fell below $58,000.
According to analyst Willy Woo, a single whale might have been the primary dip-buyer during this period. Woo noted that the HODL Waves data, which tracks how long coins remain dormant, revealed an unusually quiet reaction to recent macro lows.
HODL Waves Data and Investor Behavior
On July 1, BTC/USD briefly dipped under $58,000, reaching its lowest point since September 2024. The proportion of the supply dormant for one to seven days stood at 1.97% on that day, increasing only marginally to 2.35% by July 5. Woo suggested this indicated slow, steady buying, possibly by a limited number of large investors, rather than a widespread buying spree by many Bitcoin buyers.
Woo acknowledged that institutional investment vehicles could influence HODL Waves data, but he found no other explanation for the observed anomaly. He posited that if numerous buyers were involved, their collective action would typically create spikes in the buying pattern.
Market Outlook and Recent Inflows
Concerns persist regarding whether July marked the bear market's floor. Trader and analyst Rekt Capital observed that the bear market's structure, characterized by lower highs within a downtrend, appeared to remain intact. He indicated that a weekly close below approximately $78,300 could lead to a breakdown similar to that seen in May.
In contrast, August saw a resurgence in buyer interest, with US spot Bitcoin exchange-traded funds experiencing $3.8 billion in net inflows over three weeks.
