A representative of BlackRock announced a change in investor sentiment around the first cryptocurrency. Robert Mitchnik noted the final divergence of bitcoin's dynamics from the traditional stock market. The decorrelation of the digital asset with shares of technology companies began in the first half of the year. In July, bitcoin showed noticeably better dynamics against the background of the collapse in the AI sector. The expert considers this discrepancy to be a positive signal for the entire digital asset market. Bitcoin is strengthening its position as a reliable investment portfolio diversification tool. The core of exchange-traded fund holders consists of people with a long-term strategy. These investors buy an asset based on a fundamental valuation and hold positions for a long time. Over the past week, the influx into American spot bitcoin funds has reached impressive values. The total revenue amounted to more than eight hundred and fifty million US dollars. The largest fund from BlackRock has attracted the bulk of these funds. The current price of the first cryptocurrency at the time of writing is about sixty-four thousand.

The number of large bitcoin addresses with a balance of ten thousand coins has grown to ninety. This indicator is the absolute maximum for the last six months of observations. Large wallets have accumulated about one and a half billion dollars over the past few weeks. At the same time, the balances of the smallest online wallets are steadily decreasing in the market. Experts attribute this discrepancy to the recent hacking of Coldcard hardware wallets. An additional pressure factor was the postponement of the vote on an important bill to September. Analysts regard the current situation as a redistribution of coins in favor of major players. On August 9, large holders purchased more than forty-six thousand bitcoins per day. This is the maximum volume of daily purchases by whales since mid-March. On the same day, small holders sold almost ten thousand coins. This discrepancy demonstrates two completely different market positioning trends. The largest group of participants is steadily increasing its exposure before the release of macroeconomic data.

Some on-chain metrics partially contradict the general picture of active coin accumulation. The balance of long-term bitcoin holders continues to gradually decrease in the open market. The number of new coins in this category is still less than the volume of assets leaving the group. Some of the experienced investors continue to make profits and distribute stocks to customers. Analysts consider the reversal of this balance to be a more important signal for further monitoring. Another specialist of the platform considers the current phase of the market to be the stage of the formation of a local peak. The overall long-term trend remains downward according to the results of professional wave analysis. The growth of recent weeks is just a common correction within this global trend. The expert has designated the final maximum zone in the range from sixty-six to sixty-eight thousand. Upon reaching this level, the analyst expects a confident downward price reversal. The nearest reduction target will be the Fibonacci retracement level of about fifty-one thousand dollars. The expert argues for his position with a bearish divergence and a drop in overall trading volumes.

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The material has been prepared solely for informational purposes and does not constitute financial advice or recommendation.