Bitcoin Whales Remain Bullish Despite Price Dip, Why?

Despite Bitcoin (BTC) plummeting to $64,300, its lowest point in over a month, top traders remain cautiously optimistic. This optimism stems from several factors, including a rebound in derivatives markets, decreased put options demand, and reduced sell pressure from miners. While the U.S. economy is facing headwinds, such as high interest rates and a lackluster second-quarter GDP, traders believe a recovery is possible. Bitcoin whales and miners have held onto their bullish stance despite the recent dip, indicating confidence in the market's future. The long-to-short ratio for Binance's top traders has climbed to 1.52, signifying strong demand for leveraged long positions. Furthermore, the demand for put options has dropped since June 14, suggesting that whales and market makers were not expecting the price downturn and remain optimistic. The decline in miner outflows further supports the bullish outlook, with miners selling less than the average of the past year. While the spot Bitcoin ETF saw outflows of $562 million in three days, the overall sentiment suggests a potential recovery for BTC and a possible rate cut by the Fed by year-end.