Bitcoin’s decline to around $58,000 in July produced unusually weak dip-buying activity, according to on-chain analyst Willy Woo. HODL Waves data showed that the share of Bitcoin supply dormant for one to seven days was 1.97% when BTC reached that level on July 1 and rose only to 2.35% by July 5. Woo said the limited increase contrasted with activity seen at previous Bitcoin market bottoms and suggested that accumulation may have been driven by a single whale. HODL Waves group Bitcoin supply by the length of time coins have remained unmoved, with the youngest band offering a gauge of recent buying. The July readings add detail to an anomaly Woo said had not appeared in 17.5 years of available data, although he also identified ETFs, institutional custody and derivatives as possible explanations. Bitcoin later recovered from a decline below $77,000, while the market remained vulnerable to the possibility of an incoming rate hike and a major derivatives expiry. Coinbase Markets estimated that about $2.51 billion in Bitcoin and Ethereum options would expire, with Bitcoin representing most of the total.