Bitcoin whale trading volumes on exchanges hit a nine-year high as analysts call BTC price bottoming
Bitcoin (BTC) whales, or addresses holding more than 1,000 BTC, or at least $64 million, added 84,000 BTC in July despite the recent crab walk in the cryptocurrency market. Moreover, whales are moving BTC off exchanges at the fastest rate since 2015.
Bitcoin: Whale Trading Volumes Surge on Exchanges
Despite the recent bearish trend in the BTC/USD price, Bitcoin whales continue to accumulate coins and remove them from exchanges.
In particular, according to Glassnode’s Whale Net Position Change metric, Bitcoin whales holding at least 1,000 BTC have pulled the most Bitcoin out of exchanges since 2015, marking the largest increase in nine years. Over the past 30 days, whales have pulled out about 64,000 BTC from exchange balances.
This is the largest net position reduction change among exchange whales since BTC prices bottomed around $220 in September 2015.
Moreover, according to CryptoQuant CEO Ki Young Ju, Bitcoin addresses with at least 1,000 BTC have been adding an average of over 100,000 BTC per week. He said last month:
“Whale wallets (>1,000 BTC), including spot ETFs and custodial wallets, added 1,450,000 BTC this year, for a total of 1,800,000 BTC. In 2021, there were about 70,000 BTC inflows over the course of the year. Now at 100,000 BTC ‘weekly’. I repeat, 100,000 BTC per week.”
According to Glassnode data, as of August 1, there were 1,651 whale addresses holding more than 1,000 BTC, up from 1,498 at the beginning of the year.
Related: $35 Trillion US National Debt Could Help Adopt Bitcoin as ‘Hard Money’
Has Bitcoin Hit Bottom?
According to crypto analyst Elsa, Bitcoin price may have formed a new local bottom above the $63,000 mark, which previously served as strong support for BTC on the 4-hour chart. He wrote in an August 1 X post:
“BTC has hit bottom, now it’s time for a big green candle.”
According to popular trader Titan of Crypto, Bitcoin has completed a bullish monthly close above the “key macro level” of $61,600, adding to the positive outlook. He wrote in an August 1 X post:
“Despite the turbulence, BTC has managed to stay above key macro levels, which is very encouraging. Summer may bring a dull market, but the coming months will be very interesting.”
However, Bitcoin has been rejected at the psychological resistance of $70,000, which means it could remain range bound until September, according to renowned analyst Rekt Capital.
The analyst wrote in a July 30 post to X:
“Bitcoin is still on track for a September breakout. History has shown that a breakout from the reaccumulation range, just 100 days after a halving, is always unlikely.”
As reported by Cointelegraph, the support levels around $63,000 and $57,000 remain key levels to watch for a bounce.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.
