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Bitcoin whale volume has reached a 9-year peak, with analysts suggesting a potential bottom for BTC price, highlighting significant market trends.
Whales Add 84,000 BTC in July
Despite the recent duck walk in the cryptocurrency market, Bitcoin whales—accounts with 1,000 BTC or more, or at least $64 million—added 84,000 BTC in July. What's more, since 2015, whales have been the quickest to transfer Bitcoin out of exchanges.
Although the BTC/USD pair has been moving at a snail's pace recently, Bitcoin whales are nonetheless buying up coins and removing them from exchanges.
Whale Volume at 9-Year High
According to Glassnode's whale net position change statistic, the largest increase in nine years occurred in the amount of Bitcoin removed from exchanges by Bitcoin whales holding 1,000 BTC or more. Whale exchange balances have lost over 64,000 BTC in the last 30 days.
For exchange whales, this represents the largest net loss in position since September 2015, when the price of bitcoin hit a low of about $220.
Last month, CryptoQuant CEO Ki Young Ju made the following observation: Bitcoin addresses with 1,000 BTC or more have contributed more than 100,000 BTC per week on average.
From 1,498 at the beginning of the year to 1,651 on August 1st, 1,651 whale addresses held 1,000 BTC or more, according to data from Glassnode.
In an August 1 X post, crypto expert Elja speculated that the price of Bitcoin may have created a new local bottom above $63,000, a level that had previously provided good support for BTC on the four-hour chart:
Titan of Crypto, a well-known trader, said that Bitcoin closed the month above a "key macro level" of $61,600, adding to the bullish outlook. In a post on August 1st, X, he wrote:
Analysts Predict BTC Bottom
Popular analyst Rekt Capital predicts that Bitcoin may stay rangebound until September after rejecting the $70,000 psychological obstacle.
A post from July 30th on X was made by the analyst:
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