Bitcoin (BTC) whales, or addresses with over 1,000 BTC, or at least $64 million, have added 84,000 BTC in July despite the cryptocurrency market’s recent crab walk. What’s more, whales have been moving BTC from exchanges at the fastest pace since 2015.
Bitcoin: Whale volume from exchanges spikes
Bitcoin whales continue accumulating and taking the coins off exchanges, despite the recent sluggish momentum in the BTC/USD pair.
Notably, Bitcoin whales with at least 1,000 BTC have moved the most Bitcoin out of exchanges since 2015, marking the biggest spike in nine years, according to the whale net position change metric by Glassnode. Around 64,000 BTC has left whale exchange balances in the past 30 days.
Bitcoin whale volume to/from exchanges, net position change. Source: Glassnode
This is the biggest negative net position change for exchange whales since September 2015, when BTC price was bottoming around $220.
Moreover, Bitcoin addresses with at least 1,000 BTC have added an average of over 100,000 BTC per week, according to CryptoQuant CEO Ki Young Ju, who noted last month:
“Whale wallets (>1K BTC), including spot ETFs and custodial wallets, added 1.45M BTC this year, totaling 1.8M BTC. In 2021, about 70K BTC flowed in over the year; now, it’s 100K BTC ‘weekly.’ I repeat. 100K BTC weekly.”BTC balance: new wallets over 1,000 BTC. Source: Ki Young Ju
According to Glassnode data, as of Aug. 1, 1,651 whale addresses held at least 1,000 BTC, up from 1,498 at the start of the year.
Related: $35T US national debt could bolster Bitcoin’s adoption as ‘hard money’
Is the Bitcoin bottom in?
Bitcoin price may have formed a new local bottom above the $63,000 mark, which previously acted as a strong support for BTC on the four-hour chart, according to crypto analyst Elja, who wrote in an Aug. 1 X post:
“BTC has bottomed. It’s time for some big green candles.”BTC/USDT, 4-hour chart, bottom formation. Source: Elja
Adding to the positive outlook, Bitcoin completed a monthly bullish close above a “key macro level” of $61,600, according to popular trader Titan of Crypto. He wrote in an Aug. 1 X post:
“Despite…..
