Bitcoin buyers wary of July sub-$58K floor amid onchain data ‘anomaly’
Summary
Bitcoin’s July drop to about $57,800 did not trigger the usual “buy the dip” rush. Onchain HODL Waves data showed only a small rise in coins dormant for 1–7 days after BTC briefly fell below $58,000 on July 1, suggesting muted new buying compared with prior cycle lows. Willy Woo called this an anomaly and suggested the bottom may have been bought slowly, possibly by a single whale or a small group of buyers, though institutional flows could also explain it. The lack of aggressive dip-buying keeps debate open over whether July was the bear-market floor. Some analysts still see the broader downtrend intact, while August brought renewed demand, including strong net inflows into US spot Bitcoin ETFs.
