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Bitcoin Holds Key Support as On-Chain Data Shows Fresh Accumulation

Bitcoin finished July on a strong note before losing momentum at the start of August with two straight daily closes below $63,000. The decline has raised fresh caution even as blockchain data points to steady buying around current price levels.

That buying activity became clearer in recent on-chain data, which shows roughly 155,000 BTC moved into the $62,000 to $65,000 cost-basis range during the latest pullback. The zone now holds the largest concentration of supply across the market and represents about 0.7% of Bitcoin’s circulating supply.

Accumulation Continues Despite Price Weakness

According to the recent Bitfinex report, the supply cluster expanded while prices declined instead of shrinking through broad selling activity. The report said the pattern suggests buyers absorbed selling pressure rather than existing holders leaving the market in large numbers.

The data also highlights different behavior between long-term and short-term holders during the recent decline. Long-term holders continued accumulating Bitcoin, while many short-term holders reduced positions near their purchase prices.

Despite those signs of accumulation, broader market activity has become more subdued. Bitcoin entered August after recording a 7.3% gain during July, which matched historical seasonal trends for the month. However, spot trading volumes have fallen to levels last seen in late 2023.

Market Sentiment Turns More Cautious

Institutional demand also weakened as U.S. spot Bitcoin exchange-traded funds recorded a combined net weekly outflow of $61.5 million. That result ended three consecutive weeks of positive inflows and reflected softer demand from large market participants.

The options market has also turned more defensive as participants paid higher premiums for downside protection. Even so, implied volatility remains close to multi-year lows, suggesting expectations for relatively limited price swings.

Beyond market positioning, broader economic conditions continue influencing sentiment. Second-quarter GDP expanded 1.5%, while private domestic demand rose 3.9%, driven by consumer spending and AI-related investment.

Inflation also remains a focus after personal consumption expenditures prices increased at a 5.1% annualized pace. Meanwhile, the 10-year real yield reached 2.41%, placing it only nine basis points below a level some analysts consider important for non-yielding assets.

게시물 Bitcoin Holds Key Support as On-Chain Data Shows Fresh Accumulation 에 처음 등장 크립토포테이토.


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