Bitcoin whale activity has reached unprecedented levels, with the volume of BTC moved from exchanges hitting a nine-year high, prompting analysts to speculate that the cryptocurrency may have found its price bottom. This surge in whale activity is reminiscent of 2015 when Bitcoin traded around $220.
Bitcoin Whales: Unprecedented Movement
Bitcoin whales, defined as addresses holding over 1,000 BTC (approximately $64 million), have been actively accumulating and transferring their holdings off exchanges. This trend has been particularly pronounced in July, with whales moving BTC from exchanges at a pace not seen since 2015. Data from Glassnode reveals that around 64,000 BTC has left whale exchange balances over the past month, marking the largest negative net position change since September 2015.
According to CryptoQuant CEO Ki Young Ju, Bitcoin whale addresses have added an average of over 100,000 BTC per week. He noted, “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.”
Whale Addresses on the Rise
Data indicates that the number of whale addresses has increased significantly. As of August 1, 1,651 addresses held at least 1,000 BTC, up from 1,498 at the beginning of the year. This growing number of large holders suggests a strong accumulation trend among Bitcoin’s biggest investors.
Is Bitcoin’s Bottom In?
The recent whale activity has led some analysts to believe that Bitcoin may have formed a new local bottom above the $63,000 mark. Crypto analyst Elja suggested in an August 1 post that Bitcoin has bottomed, predicting a rise in price. Supporting this outlook, popular trader Titan of Crypto highlighted Bitcoin’s monthly bullish close above the key macro level of $61,600, viewing it as a positive sign for the market.
However, Bitcoin faced rejection at the $70,000 psychological resistance level. Analyst Rekt Capital suggested that Bitcoin might remain rangebound until September, pointing to historical patterns that indicate breakouts typically occur around 100 days post-Halving.
Key Support Levels
Despite recent turbulence, key support levels remain crucial for Bitcoin’s potential rebound. The $63,000 and $57,000 levels are particularly important to watch, as they could provide the necessary foundation for Bitcoin to regain momentum.
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 decisions.
