GBTC Premium Rebounds Sharply With Bitcoin (BTC) Price Rise, Whale Buying Continues

Published by
GBTC Premium Rebounds Sharply With Bitcoin (BTC) Price Rise, Whale Buying Continues

On Monday, July 26, the Bitcoin (BTC) price registered a strong recovery on its way to $40,000. This price rebound happened through a short squeeze with over $600 million in short positions getting liquidated in an hour’s time.

As a result, the Grayscale Bitcoin Trust (GBTC) premium registered a sharp rebound. Moving closer to the zero axes, the GBTC premium recorded a 2-month high of -3.407. As per data from Tiger Trade, GBTC premium jumped over 24% on July 26 during the Eastern U.S. trading hours.

Courtesy: CryptoQuant

On the other hand, on-chain data provider Santiment reported that the ‘millionaire tier’ Bitcoin whale addresses continue accumulation. It notes:

“Bitcoin whales holding between 100 and 10,000 $BTC continue accumulating since the May plummet that shook out many weak hands. These addresses have now accumulated 130,000 more $BTC in the past 5 weeks, and 40,000 more in just the past 10 days”.

Courtesy: Santiment

While there was some improvement in the on-chain metrics of Bitcoin, the world’s largest crypto has yet again failed to continue the momentum.

Bitcoin Take A U-Turn, Enters 5% Correction

On Monday, Bitcoin and the overall crypto market surged on rumors that Amazon will soon facilitate crypto payments by the end of this year. However, later that day, the company confirmed that it has no such plans. Well, this was enough to fizzle out all the excitement within the crypto community.

At press time, Bitcoin is down 4.18% trading at a price of $37,147 with a market cap of $695 billion. The exchanges have started flooding with Bitcoin supplies creating sell-side pressure. Citing data from CryptoQuant, Chinese journalist Colin wu reports:

“Four hours ago, the FTX exchange had a net inflow of 10.32125k Bitcoin, which was the largest single-hour net inflow in the past year. At the same time, Bitcoin reserves in FTX soared to 35.32991k BTC”.

Courtesy: CryptoQuant

The recent volatility in the bitcoin price has put investors in major confusion. It will be interesting to see how BTC performs from here onwards. It is crucial for BTC to break past the $40,000 resistance to confirm the uptrend.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges

U.S. private payrolls unexpectedly fell in September, raising market bets that the Federal Reserve will…

October 1, 2025
  • 24/7 Cryptocurrency News

Hashdex Adds Cardano to Crypto Index Fund as ADA Gains SEC Listing Eligibility

Asset manager Hashdex has officially included Cardano in its Nasdaq Crypto Index U.S. ETF. This…

October 1, 2025
  • Bitcoin News

U.S. Treasury To Ease Tax Rule on Unrealized Bitcoin Gains, Aiding Saylor’s Strategy

The U.S. Treasury and IRS have released an interim guidance, which highlights plans to ease…

October 1, 2025
  • 24/7 Cryptocurrency News

Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin

Trump Family's World Liberty Financial has unveiled big real-world asset (RWA) tokenization plans on Wednesday,…

October 1, 2025
  • 24/7 Cryptocurrency News

Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms

Fintech giant Stripe has unveiled a suite of tools to enable businesses to tap into…

October 1, 2025
  • 24/7 Cryptocurrency News

Breaking: Metaplanet Expands Treasury With 5,268 BTC Purchase, Climbs to 4th Largest Holder

Metaplanet has expanded its Bitcoin portfolio with another purchase. The Tokyo-listed firm is now the…

October 1, 2025