Cointelegraph reported that opinions are divided within the community regarding whether the price of Bitcoin, which plummeted to the $58,000 range in July, was a cycle low, and that according to on-chain indicators at the time, bottom-buying activity was unusually low. In this regard, on-chain analyst Willy Woo cited the HODL Waves indicator, claiming that very few investors engaged in buying at the July low, and it was even possible that only a single whale formed the buying pressure. HODL Waves is an indicator that classifies the Bitcoin supply based on the period each coin has been dormant in a wallet and presents it in a unique wave form. Among these, 'coins dormant for 1-7 days,' which represent recently circulated supply, are used to identify investor buying activity after major BTC price changes. Willy Woo explained, "When BTC dropped to around $58,000 on July 1 (local time), the proportion of supply dormant for 1-7 days was only 1.97%. The number only slightly increased in the following days, reaching merely 2.35% even on July 5." He added, "Compared to past BTC lows, on-chain activity was relatively lacking. Bottom-buyers accumulated slowly, and it might have even been just one whale. This is a highly unusual phenomenon."
