Bitcoin whales holding at least 1,000 BTC (about $64 million) significantly increased their holdings by adding another 84,000 BTC in July, despite the market's stagnant performance. This marks the fastest withdrawal of Bitcoin from exchanges since 2015.

Notable Whale Movements

Bitcoin whales are constantly accumulating BTC and withdrawing it from exchanges, despite sideways movements in the BTC/USD pair. This trend represents the largest Bitcoin movement from exchanges since 2015. According to Glassnode's whale net position change metric, whales have withdrawn approximately 64,000 BTC from exchanges in the last 30 days. This marks the largest negative net position change experienced by stock market whales since September 2015; BTC prices at that time were around $220.

Hoarding Tendencies

In addition to withdrawing BTC from exchanges, addresses holding at least 1,000 BTC are adding an average of 100,000 BTC per week. CryptoQuant CEO Ki Young Ju emphasized this important accumulation as follows:

“Whale wallets (>1K BTC), including spot ETFs and custodial wallets, added 1.45 million BTC this year, for a total of 1.8 million BTC. Approximately 70,000 BTC flowed throughout the year in 2021; Now 100,000 BTC is added weekly. I repeat, 100,000 BTC per week.”

As of August 1, there are 1,651 whale addresses holding at least 1,000 BTC, according to Glassnode data; This figure was 1,498 at the beginning of the year.

Market Analysis

Bitcoin price seems to have formed a new local bottom above the $63,000 level, which previously served as a strong support. Crypto analyst Elja expressed optimism in an August 1 post:

“BTC has bottomed. Now it's time for big green candles.”

Bitcoin made a monthly bullish close above a key macro level of $61,600. Popular trader Titan of Crypto noted on August 1:

“Despite all the volatility, BTC has managed to stay above an important macro level. This is very encouraging. "The summer may be boring, but the coming months will be very interesting."

Looking to the Future

Despite this, Bitcoin retreated from the $70,000 psychological resistance level. Popular analyst Rekt Capital suggested that BTC could remain in a range until September, writing on July 30:

“Bitcoin is still on track for a September exit. “History shows that a breakout from the reaccumulation range is always unlikely approximately 100 days after the Halving.”

Overall, the continued accumulation and strategic moves by Bitcoin whales indicate positive sentiment despite the recent market consolidation.

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