July market counterattack? Bitcoin sellers are finally exhausted

This chart shows the average size of the total token amount of the top 10 USDT transactions that flowed out of the exchange.

From the trend from 2023 to now, the reduction in capital outflows after a strong surge indicates that the massive selling pressure on the exchange is weakening.

A whale in 2015 transferred 7,000 Ethereum to Kraken

A whale that participated in the Ethereum ICO in 2015 and received 254,900 ETH (ICO price $0.311) transferred 7,000 ETH ($24.28M) to Kraken 15 minutes ago after 209 days of silence. Currently, this whale still holds 40,000 ETH ($139.5M).

The reduction in capital outflows indicates that investors prefer to hold assets rather than withdraw funds from the market. This may mean that investor sentiment has become more positive after the Bitcoin price halving.

If the area where a large number of chips gather on the chain does not form a breakthrough, it is very likely to fluctuate with this position as the core. This is how it happened when it was $19,000, $26,000, and $38,000. Last time, even when it fell to $56,000, I still said that the support was not broken, but it came back. It is the same now.

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The price of Bitcoin (BTC) plummeted by more than 5% on July 5, falling below the $54,000 level for the first time in five months. Its downward trend coincides with the overall market adjustment, which has affected leading altcoins such as Ethereum (ETH), Ripple (XRP), and Solana (SOL).

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