In July, Bitcoin whales holding at least 1,000 BTC (about $64 million) added another 84,000 BTC, a significant accumulation despite the market's sluggish performance. These whales made the fastest withdrawal of BTC from exchanges since 2015.
Notable Whale Movements
Bitcoin whales continue to accumulate BTC and withdraw it from exchanges despite the stagnant movements in the BTC / USD parity. This trend marks the largest Bitcoin withdrawal from exchanges since 2015. According to Glassnode's whale net position change data, whales transferred approximately 64,000 BTC from exchanges in the last 30 days. This amount is reminiscent of the largest negative net position change seen in September 2015, when BTC prices were around $220.
Hoarding Tendencies
Bitcoin addresses holding at least 1,000 BTC add an average of 100,000 BTC weekly, in addition to withdrawing from exchanges. CryptoQuant CEO Ki Young Ju explained this accumulation trend as follows:
“Whale wallets, including spot ETFs and custodial wallets, added 1.45 million BTC this year, bringing the total to 1.8 million BTC. While approximately 70,000 BTC flowed throughout the year in 2021, 100,000 BTC is now 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 number was 1,498 at the beginning of the year.
Market Analysis
Bitcoin seems to have found strong support at the $63,000 level and it may have formed a new local bottom above this level. Crypto analyst Elja expressed a positive opinion in his post dated August 1:
“BTC has bottomed. Big green candles are on the way now.”
Additionally, Bitcoin formed a monthly bullish close above the key macro level of $61,600. Popular trader Titan of Crypto stated the following in his post dated August 1:
“Despite the fluctuations, BTC has managed to stay above an important macro level. This is very encouraging. "The market may be boring during the summer, but the coming months may be quite interesting."
Looking to the Future
Bitcoin retreated from the $70,000 psychological resistance level. Popular analyst Rekt Capital predicts that BTC may remain in this range until September and stated the following in his post dated July 30:
“Bitcoin is still on track for a breakout in September. “History shows that a breakout from the reaccumulation range is always unlikely approximately 100 days after the Halving.”
Overall, the ongoing accumulation and strategic moves by Bitcoin whales reflect positive sentiment despite the market's current period of consolidation.
PLEASE READ CAREFULLY FOR THE GIFT OF 10 DOLLARS.
My friends, you know that we, the publishers, are doing everything we can for you here. We are informing you about the services and facilities offered to us by our authorities. I have never stopped supporting both the Cryptocurrency market and you as much as I could, and on the contrary, I am trying to provide more support.
THIS 10 DOLLAR GIFT CAMPAIGN IS A CAMPAIGN MADE SPECIALLY FOR ME BY BINACE. YOU CAN GET CONFIRMATION ABOUT THIS BY CONTACTING LIVE HELP. THIS IS A 10 DOLLAR CAMPAIGN MADE TO YOU THROUGH ME.
Now I will tell you how to receive your gift. First of all, Binance users who have registered with someone's reference and actively use futures transactions will unfortunately not be able to benefit from this promotion.
So who will benefit?
Our friends who have not activated the futures section yet, while activating your FUTURES trading section, you will earn 10 dollars when you open it by entering my reference code 88623008.
I EXPLAIN IN DETAIL.
My brothers and sisters who have become a Binance member without reference, please listen carefully;
When you do what I say, you will receive 10 USDT.
Enter the Futures Section from your application,
On the next screen, open your account by entering the code 88623008 in the REFERENCE CODE section,
My brothers and sisters who want to complete this transaction and receive the 10 USDT reward by MAY 1 can do so. After activating your account, all you have to do is open your first futures transaction.
The first 1,000 brothers to open a 200 USDT transaction by MAY 1 will receive a 10 USDT reward.
So let me give you a tactic like this: Even if you open and close 20x with a $5 transaction, you will be entitled to the reward.
However, even if you do this after May 1, your reward will not come. So get it done by May 1st. In fact, right now I say you can get it done in 5 seconds.
Very simple. Go to Futures, enter my reference code 88623008 and activate the account. Afterwards, just open a total of 200 USDT transactions and get 10 USDT reward.
WHEN WILL THE AWARD COME?
Your 10 dollar reward will arrive in the REWARDS section of your Binance application within 30 days, starting from May 1st. By activating it from there, you can use your reward of 10 dollars, or more than 300 liras, in futures transactions.
You can help your friends in need by sharing this post.
BY THE WAY, MY BROTHERS, PLEASE DON'T MISS YOUR LIKES. EVERY SHARE IS FOR YOU. SO DON'T WITHHOLD YOUR SUPPORT. IF YOU HAVE NOT FOLLOWED YET, DON'T FORGET TO FOLLOW. KIND REGARDS.
