Whales Buy the Dip as Bitcoin Rebounds Toward $114K

Bitcoin went through six straight days of losses from July 28 to August 2, slipping to nearly $112,000. But momentum is starting to shift. After closing in the green yesterday, the asset is gaining again today, up around 1% over the last 24 hours and now trading above $114,000. While many smaller investors rushed to sell during the decline, one large trader on Bitfinex moved in the opposite direction—steadily accumulating Bitcoin in a move often seen among deep-pocketed holders during downturns.

Whale Activity Points to Long-Term Confidence

Adam Back, the chief executive of Blockstream, disclosed that a large Bitcoin holder was actively accumulating the asset during the recent downturn. According to him, this investor acquired roughly 300 BTC each day. He explained that this amounts to about $400 every second, nonstop throughout the day.

This was not the first time the same party showed strong interest in the asset during a slump. Back noted that back in February, the same entity was purchasing Bitcoin at a rate of 1,000 per day. This kind of steady accumulation highlights confidence in BTC’s future trajectory, especially during uncertain moments.

Around the time Bitcoin dropped to roughly $112,000, Eric Trump shared a post on X that echoed the familiar buy-the-dip mindset often seen during market pullbacks. His message lined up with broader sentiment among investors expecting a rebound after the recent drop.

Stronger Hands Step In as Bitcoin Sentiment Turns More Bullish

Beyond individual investors, both institutions and broader market signals point to growing confidence in Bitcoin:

• According to Lookonchain, a whale is increasing their Bitcoin holdings, now owning 752 BTC valued at $86 million, with $774,000 in unrealized gains and a target to sell at $120,000 per coin.
• Metaplanet added 463 BTC ($53.7M), bringing its total holdings to 17,595 amid ongoing market weakness.
• The Crypto Fear & Greed Index rose to 64 from 53, signaling a clear shift in investor mood toward optimism.

Recent Drop Tests Support as Bitcoin Follows Familiar Monthly Price Trend

One factor behind Bitcoin’s recent price dip was a policy update from President Trump, which unsettled financial markets and spilled over into crypto. Over $195 million in long Bitcoin positions were liquidated as a result, according to data from CryptoQuant.

These sudden liquidations, caused by forced closures of trades, played a big role in dragging prices down during that stretch.

On-chain analytics firm CryptoQuant explained that Bitcoin’s recent performance places it near key support thresholds. These include the $111,600 level based on blockchain data, $112,000 as a previous major high, and $105,500 as the average cost for traders currently holding BTC. Should Bitcoin fall further, these levels could be critical for gauging buying interest.

Adding to the broader picture, market analyst Daan Crypto pointed out a pattern Bitcoin tends to follow. According to him, the asset often sets its monthly high or low in the first few days of each month. So far in August, the high is $116,000, and the low is $112,000—a narrow range for a coin known for wild swings.

He noted that Bitcoin has historically seen monthly price swings of at least 10% between its highs and lows, suggesting that a bigger move could still be on the horizon. 

According to him, months that trend upward often begin with a dip before pushing higher, while declining months usually start strong and lose momentum later. It’s still unclear which direction August will take, but the current movement suggests more volatility ahead. Still, some believe the digital asset could climb as high as $140,000 before the year ends.