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Cointelegraph by Zoltan Vardai
2024-08-02 19:20:00
cointelegraph.com
Bitcoin (BTC) whales, or addresses with over 1,000 BTC, or at least $64 million, have added 84,000 BTC in July despite the cryptocurrency market’s recent crab walk. What’s more, whales have been moving BTC from exchanges at the fastest pace since 2015.
Bitcoin: Whale volume from exchanges spikes
Bitcoin whales continue accumulating and taking the coins off exchanges, despite the recent sluggish momentum in the BTC/USD pair.
Notably, Bitcoin whales with at least 1,000 BTC have moved the most Bitcoin out of exchanges since 2015, marking the biggest spike in nine years, according to the whale net position change metric by Glassnode. Around 64,000 BTC has left whale exchange balances in the past 30 days.
This is the biggest negative net position change for exchange whales since September 2015, when BTC price was bottoming around $220.
Moreover, Bitcoin addresses with at least 1,000 BTC have added an average of over 100,000 BTC per week, according to CryptoQuant CEO Ki Young Ju, who noted last month:
“Whale wallets (>1K BTC), including spot ETFs and custodial wallets, added 1.45M BTC this year, totaling 1.8M BTC. In 2021, about 70K BTC flowed in over the year; now, it’s 100K BTC ‘weekly.’ I repeat. 100K BTC weekly.”
According to Glassnode data, as of Aug. 1, 1,651 whale addresses held at least 1,000 BTC, up from 1,498 at the start of the year.
Related: $35T US national debt could bolster Bitcoin’s adoption as ‘hard money’
Is the Bitcoin bottom in?
Bitcoin price may have formed a new local bottom above the $63,000 mark, which previously acted as a strong support for BTC on the four-hour chart, according to crypto analyst Elja, who wrote in an Aug. 1 X post:
“BTC has bottomed. It’s time for some big green candles.”
Adding to the positive outlook, Bitcoin completed a monthly bullish close above a “key macro level” of $61,600, according to popular trader Titan of Crypto. He wrote in an Aug. 1 X post:
“Despite the turbulence, BTC managed to remain above a key macro level. This is very encouraging. Summer may bring a boring market, but the upcoming months are going to be very interesting.”
However, Bitcoin was rejected from the $70,000 psychological resistance, meaning that, according to popular analyst Rekt Capital, it could remain rangebound until September.
The analyst wrote in a July 30 X post:
“Bitcoin is still on track for a September breakout. History suggests that a breakout from the ReAccumulation Range mere ~100 days after the Halving was always going to be unlikely”
As Cointelegraph reported, support at $63,000 and around $57,000 remain the key levels to watch for a rebound.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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