HODL Waves flag 'anomaly' in Bitcoin's sub-$58K dip-buying — SkimNews
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- Bitcoin briefly fell below $58,000 on July 1 — its lowest level since September 2024 — yet HODL Waves data showed almost no surge in new buying activity.
- HODL Waves recorded the 1-7 day dormant supply at just 1.97% on July 1, rising only marginally to 2.35% by July 5, far below the spike normally seen at macro lows.
- Willy Woo called the muted reaction an "anomaly" and suggested the bottom may have been bought by "possibly even a single whale" acting slowly rather than a herd of dip-buyers.
- Woo conceded that institutional investment vehicles could be distorting the HODL Waves reading, offering no alternative thesis for the anomaly.
- Rekt Capital warned the bear market structure remains intact with a series of lower highs, flagging a Weekly Close below ~$78,300 as a risk for a May-style breakdown.
- US spot Bitcoin ETFs pulled in $3.8 billion in net inflows over a three-week stretch in August, signaling a rebound in buyer appetite as BTC reclaimed $80,000.
Why it matters: Historically, sharp spikes in short-term HODL supply have marked genuine Bitcoin bottoms — July's absence of that signature leaves the floor unconfirmed even as price rebounded above $80,000 and ETFs absorbed $3.8 billion in August. Rekt Capital's lower-highs read and Woo's whale-or-anomaly caveat together keep the structural bear case alive for traders mapping cycle turns.
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