Is This Bitcoin Buy The Dip Opportunity or Should Investors Wait?
Highlights
- Despite the dip, the crypto community sees this as a buying opportunity, though Santiment advises waiting for market enthusiasm to settle.
- Spot Bitcoin ETFs showed net outflows of $20.5 million on July 3.
- A major Bitcoin whale deposited an additional 1,800 BTC ($106 million) to Binance in the last hour.
It seems that there’s no stop to Bitcoin’s downward slide as the BTC price has tanked by 5% in the last 24 hours slipping under $$59,000. As BTC loses its crucial support of $60,000, the next support is at $57,000. The bigger question to Bitcoin investors is whether or not they should buy the dip or wait for further downside.
Bitcoin Buy The Dip Opportunity?
On-chain data provider Santiment reported that Bitcoin and altcoins are seeing heavy sell-offs hitting nearly two-month low levels. Along with BTC, the Ethereum price also tanked all the way under $3,200 despite the scheduled arrival of spot Ethereum ETFs by July 15.
However, Santiment reported that the crypto community is currently viewing this as a potential buy-the-dip opportunity. However, the firm suggests that investors should wait for the initial wave of enthusiasm to settle before making any fresh purchases.
As per Santiment, the ideal time to purchase would be when traders become skeptical and impatient. The recent BTC price drop has led to aggressive liquidations as many traders had bought the dip when BTC was trading around $60,000. This trend is further evident in altcoins like Ethereum and Solana, which have registered greater falls.
On the other hand, the spot Bitcoin ETFs continue to show weakness. On Wednesday, July 3, the spot Bitcoin ETFs showed daily net outflows of stood at $20.5 million. The Grayscale GBTC registered $27 million of outflows while Fidelity’s FBTC was the only ETF to see inflows at $6.5 million. Rest all other ETFs had zero inflows yesterday.
Also Read: Besides ETF Outflow Woes, These Factors Could Shove BTC To $55,000
Bitcoin Whale Loses $20 Million in 15 Days
Following this volatility, the Bitcoin whale activity has surged significantly in the market. Ten minutes ago, a major Bitcoin whale or institution deposited an additional 1,800 BTC ($106 million) to Binance. Over the past week, this whale has transferred a total of 5,281 BTC ($323 million) to Binance at an average price of $61,196. The entity now holds 6,068 BTC ($358 million). The whale has reportedly registered a loss of $20 million in the recent trade.
The whale deposited 1,800 $BTC($106M) to #Binance at a loss again 40 minutes ago.
He has deposited 5,281 $BTC($323.2M) to #Binance since June 27, with a loss of ~$20M!https://t.co/VWgcfiOpxU pic.twitter.com/WESV8GkfHV
— Lookonchain (@lookonchain) July 4, 2024
Also Read: Bitcoin Address Wakes Up From Dormancy After 10 Years Amid Price Slump
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.
