Bitcoin (BTC) has fallen to $61,500. Whales, or wallets holding more than 1,000 BTC (at least $64 million), have added 84,000 BTC in July despite the cryptocurrency market being in a sideways phase. More notably, whales have moved BTC off exchanges at the fastest rate since 2015.
Specifically, Bitcoin whales with at least 1,000 BTC have withdrawn the largest amount of Bitcoin from exchanges since 2015, marking the biggest spike in nine years, according to Glassnode’s net position change indicator for whales. About 64,000 BTC have left whale balances on exchanges in the past 30 days.
This represents the largest negative net position change for whale exchanges since September 2015, when BTC prices were bottoming around $220.
Moreover, Bitcoin addresses with at least 1,000 BTC have added an average of more than 100,000 BTC each week, according to CryptoQuant CEO Ki Young Ju, who noted last month: “Whale wallets (>1K BTC), including spot ETFs and custodial wallets, have added 1.45 million BTC this year, totaling 1.8 million BTC. In 2021, about 70K BTC was transferred in throughout the year; now, it’s 100K BTC weekly. Again, 100K BTC weekly.”
As of August 1, according to Glassnode data, there are 1,651 whale addresses holding at least 1,000 BTC, up from 1,498 at the beginning of the year.
Has Bitcoin Bottomed Out?
Bitcoin’s price may have formed a new local bottom above $63,000, which has been a strong support for BTC on the four-hour chart, according to crypto analyst Elja, who wrote on X on August 1: “BTC has bottomed out. It’s time for big green candles to appear.”
Adding to the positive outlook, Bitcoin completed a monthly close above the “macro important” level of $61,600, according to prominent trader Titan of Crypto. He wrote on X on August 1: “Despite much volatility, BTC has held above the macro important level. This is very encouraging. Summer might bring a boring market, but the coming months will be very interesting.”
However, Bitcoin was rejected at the psychological resistance level of $70,000, which means, according to renowned analyst Rekt Capital, it may stay within range until September. The analyst wrote on X on July 30: “Bitcoin is still on track for a breakout in September. History shows that a breakout from the Re-accumulation range only around ~100 days post-Halving is inevitable.”
According to analysis by Bitcoin Magazine, the support levels at $63,000 and around $57,000 remain critical to watch for recovery.
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