In a striking demonstration of confidence, institutional investors have been vigorously amassing Bitcoin, showcasing greater determination than when BTC/USD hovered near its zenith.

This observation comes from CryptoQuant’s analyst, Cauê Oliveira, who scrutinized the fluctuation in wallet balances among entities holding between 1,000 and 10,000 BTC. These entities, representing the institutional echelon of Bitcoin investors, have substantially increased their holdings since the onset of June, a period marked by a 23% decline in BTC/USD value.

Remarkably, even as Bitcoin plummeted to its lowest since late February, the buying spree persisted, culminating in an additional 100,000 BTC ($5.7 billion).

“While many fledgling investors capitulated last week, notably those who acquired coins in the past 1 to 3 months, institutional investors embarked on the largest accumulation phase since March,” Oliveira summarized.

The 30-day rolling balance shift mirrors the surge witnessed during the peak inflows to U.S.-based spot Bitcoin exchange-traded funds (ETFs) in March. However, this time, with ETF inflows comparatively tepid, the BTC is finding new repositories.

“This signifies that, unlike the fundraising-driven demand observed in March, the current institutional accumulation could indicate a genuine ‘buying the dip’ strategy among major players,” Oliveira concluded.

Although March’s daily inflows exceeded $1 billion, the current figures are more modest. Data from sources like the UK-based Farside Investors reported approximately $79 million on July 11, and $294 million on July 8.

Enduring Confidence Amid Price Slump

Other Bitcoin holders are grappling with maintaining their positions as they endure significant unrealized losses.

Short-term holders, including new whale entrants, faced 17% unrealized losses during last week’s decline to $53,500.

The aggregate cost basis for short-term investors, defined as entities holding BTC for up to 155 days, is above $64,000, according to on-chain analytics firm Glassnode.