Bitcoin Price Prediction: OG Whale Dumps 80,000 BTC – And Bitcoin Still Looks Ready to Blast Higher
Main Idea
Bitcoin remains stable near $118,000 despite a large whale sale, with strong institutional demand and technical indicators suggesting potential for a breakout. Ethereum is also gaining institutional interest, with significant ETF inflows and speculative rotation from Bitcoin.
Key Points
1. Bitcoin stayed stable around $118,000 after a massive 80,000 BTC ($9B) sale by Galaxy Digital, linked to dormant Satoshi-era wallets, with only a brief 4% price drop.
2. Net BTC flows show a surplus of 35,165 BTC in July, indicating strong institutional demand despite heavy selling pressure.
3. Ethereum's open interest dominance reached nearly 40%, its highest since April 2023, with ETFs absorbing over 1.6M ETH in June alone.
4. BTC's technical analysis shows a symmetrical triangle formation, with resistance at $120,283 and support at $117,000, suggesting a potential breakout.
5. Bitcoin Hyper ($HYPER), a Bitcoin-native Layer 2 project, raised over $5.7M in its presale, aiming to merge Bitcoin's security with Solana's speed.
Description
Bitcoin remains impressively stable near $118,000 even after a massive over-the-counter sale of 80,000 BTC, worth over $9 billion, hit the market. The transaction, executed by Galaxy Digital and tied to dormant Satoshi-era wallets from 2011, caused a brief 4% price drop last week. However, BTC quickly recovered, underscoring the strength of institutional demand. According to K33 Research’s Vetle Lunde, institutional investors and Bitcoin-linked products collectively accumulated 115,165 BTC in Ju...
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