Despite recent volatile price movements in the cryptocurrency market, Bitcoin whales, who hold over 1,000 BTC, purchased 84,000 BTC in July. Additionally, whales are executing the largest net BTC transfers from exchanges since 2015.
Current Status of Bitcoin Whales
Despite recent declines in BTC, Bitcoin whales continue accumulating and withdrawing from exchanges. According to Glassnode’s whale net position change metric, Bitcoin whales holding at least 1,000 BTC have executed the largest BTC withdrawals from exchanges since 2015, marking the biggest increase in nine years. Over the last 30 days, 64,000 BTC were transferred from exchanges to wallets.
This is considered the largest negative net position change on exchanges since September 2015, when BTC price reached a periodic low of $220.
Meanwhile, CryptoQuant CEO Ki Young Ju highlighted an important point. Ju noted that Bitcoin addresses holding at least 1,000 BTC are adding over 100,000 BTC weekly:
Whale wallets (>1K BTC), including spot ETFs and custody wallets, added 1.45 million BTC this year, reaching a total of 1.8 million BTC. In 2021, about 70,000 BTC flowed throughout the year; now it’s 100,000 BTC ‘weekly.’ I repeat, weekly 100,000 BTC.
Has Bitcoin Hit Bottom?
According to renowned crypto analyst Titan of Crypto, Bitcoin surpassed a significant point by closing above the key macro level of $61,600. Titan wrote in an August 1st post:
Despite fluctuations, BTC managed to stay above a significant macro level. This is very encouraging. Summer might bring a dull market, but the coming months will be very interesting.
On the other hand, Bitcoin bounced back from the psychological resistance level of $70,000, which, according to popular analyst Rekt Capital, might indicate continued volatility before September. The analyst shared on July 30th:
Bitcoin is still on track for a breakout in September. History shows that a breakout from the Reaccumulation Range is not always likely just ~100 days after the Halving.
As of the time of writing, Bitcoin continues to find buyers at $61,700 after a 4% drop in the last 24 hours.
