Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
Large bitcoin holders added over 84,000 BTC in July, the highest since October 2014, per IntoTheBlock.holders, often adept at timing market moves, boosted their coin stash in July at the fastest pace in years, capitalizing on the two-way price volatility.
The accumulation was characterized by bargain hunting during the early July price dip to under $55,000 and brief pauses in the subsequent recovery to $69,000. BTC ended July with a meager 3% gain, according to CoinDesk data.The strategic accumulation likely indicates a strong belief that the prolonged consolidation phase between $50,000 and $70,000 will eventually end with a bullish breakout, extending the initial rally from $16,000.
"The Fed has been striving for a 'soft landing,' and if the data allows them to cut, and it is certainly moving in that direction relative to their forecasts, then we think they will seize the opportunity. We expect officials to start moving monetary policy from 'restrictive' territory to"slightly less" restrictive policy from September with additional cuts in November and December," ING said in a daily note to clients.
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