The crypto market is being stirred again by Bitcoin whales. Analysts are looking for a potential price bottom for BTC with the Bitcoin whale accumulation reaching levels that have not been seen in over a decade. This increase in activity could indicate significant changes on the horizon for Bitcoin investors.
Whale Activity Hits Record Levels
Unprecedented Movement from Exchanges
In July, Bitcoin whales, which are defined as addresses holding more than 1,000 BTC, moved an incredible 84,000 BTC from exchanges. This is the highest volume recorded since 2015 when Bitcoin was around $220 each.
Accelerated Accumulation
However, these whales have not just been transferring their assets off exchanges but also adding to their stacks at unprecedented rates. On average, this year alone they’ve added over one hundred thousand tokens per week compared to seventy thousand throughout all of last year!
Key Metrics Indicate Strong Whale Activity
- As per CryptoQuant’s CEO Ki Young Ju, whale wallets including spot ETFs and custodial wallets have added about 1.45 million Bitcoins so far this year bringing total holdings up to approximately 1.8 million coins owned by such entities.
- Moreover, Glassnode data shows that the number of these addresses rose from 1,498 at the beginning of January to 1,651 by the first day of August, indicating even greater concentration among large holders.
What Does This Mean For The Price Of Bitcoin?
Potential Price Bottom
Crypto analyst Elja suggests that Bitcoin may have formed a new local bottom above the $63,000 mark, which has historically acted as a strong support level. “BTC has bottomed out; it’s time for some big green candles,” he emphasizes.
Encouraging Market Trends
Popular trader Titan of Crypto notes that Bitcoin’s recent monthly bullish close above the key macro level of $61,600 is a positive sign. Despite turbulence in the markets, BTC’s ability to remain over this area should bode well for future price movements.
We Can Expect a September Breakout
Analyst Rekt Capital points out that while Bitcoin could be stuck between two ranges until September, history shows us that a breakout usually follows the halving event after 100 days or so.
Conclusion
So overall, increased activities and accumulations by Bitcoin whales may indicate there will be a major shift within markets soon enough! With analysts predicting bottoms around prices during September or breakouts happening sometime thereafter, things start getting exciting very quickly indeed! Keep your eyes peeled because it might just happen tomorrow morning, who knows? Don’t sleep on it!