On Thursday, Bitcoin struggled to reclaim its recent upward trajectory as funding rates suggested a surge in bearish bets, according to Santiment. The platform noted that positive commentary toward Bitcoin has plummeted despite a mid-sized market bounce this week, with many traders, especially on Binance, opening short positions expecting BTC to drop further. Bullish commentary on Bitcoin has fallen to about a third of the rate seen four months ago. Bitcoin’s recent surge to $66,000 gave way to a decline to around $63,380, down just over 2.5% in the past 24 hours.
Crypto analyst Woo Minkyu observed that Bitcoin holders have recently pulled significant amounts from exchanges, a scenario reminiscent of the July 5 withdrawals that followed BTC crashing below $54,000. This week, on July 16, holders withdrew another $3.4 billion worth of BTC from exchanges. Despite the recent dip, this movement suggests holders are planning to hodl, a trend that has historically supported price stability and growth.
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