270,000 BTC bought during the panic. See who and why, plus 40% OFF with code ONCHAIN40.
While the market panicked, someone bought $16.7 billion of Bitcoin
June was a rough month to watch a portfolio. Bitcoin ground down toward $59,000, sentiment trackers sat in Extreme Fear, and US spot Bitcoin ETFs recorded $4.06 billion in outflows, the deepest monthly bleed since they launched. The institutional money that powered earlier rallies spent the month heading for the exit.
Somebody was on the other side of all that selling, and the on-chain data shows exactly who.
Over the two weeks ending early July, wallets in the largest tier accumulated more than 270,000 BTC, roughly $16.7 billion, with most of the buying concentrated near the $59,000 level. While the headlines ran red, the biggest holders in the market quietly absorbed everything the sellers dropped.
The split has been building all year. In January, on-chain data showed wallets holding 10,000+ BTC were the only cohort accumulating while every smaller group sold, with retail holders under 10 BTC selling most persistently. The number of entities holding at least 1,000 BTC has grown from 1,207 in October to over 1,300, which means large players have been adding through the entire correction rather than trading around it.
Analysts at Bitfinex note that this pattern, large holders absorbing supply while institutions sell, has historically appeared near past cycle lows. That's an observation about previous cycles rather than a prediction about this one, and nobody can tell you whether it repeats. Long-term holders now control 78% of circulating supply, the highest concentration on record, which at minimum says the people least likely to sell are holding more of the market than ever.
What you make of the data is yours to decide, and the only sensible move is your own research. What the numbers show, plainly, is that June looked very different depending on the size of your wallet.
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Disclaimer:
1) This news update is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency markets are highly volatile. Always conduct your own research before making any investment decisions.
2) This discount offer applies to the Paybis service fee only. Payment processing fees, network fees, and any other applicable third-party charges are excluded from this discount.
