Bitcoin whales, defined as addresses holding at least 1,000 BTC or approximately $64 million, have exhibited a voracious appetite for accumulation in July 2024, defying the recent market stagnation. These large-scale investors have collectively added a substantial 84,000 BTC to their holdings, underscoring their bullish sentiment toward the world’s largest cryptocurrency.
A standout trend has been the accelerated movement of Bitcoin off exchanges by whales. Data from Glassnode reveals that the net position change for exchange whales reached its most negative level since September 2015, indicating a significant outflow of Bitcoin from trading platforms. Approximately 64,000 BTC has left exchange wallets in the past 30 days alone.
This accumulation spree has intensified in recent months. According to CryptoQuant CEO Ki Young Ju, whale wallets have collectively added 1.45 million BTC in 2024, surpassing the total accumulation of 70,000 BTC for the entire year of 2021. The current pace of accumulation averages an astonishing 100,000 BTC per week.
The number of whale addresses has also increased. As of August 1, 2024, there were 1,651 addresses holding at least 1,000 BTC, a notable increase from 1,498 at the start of the year. This growth in whale addresses further underscores the ongoing accumulation trend.
While the market has experienced recent volatility, some analysts believe that Bitcoin may have formed a local bottom around the $63,000 level. Crypto analyst Elja suggests that the cryptocurrency is poised for a bullish rebound, characterized by “big green candles.”
Furthermore, Bitcoin’s monthly close above the crucial $61,600 level has been interpreted as a positive sign by popular trader Titan of Crypto. Despite the market’s summer lull, these analysts anticipate an exciting period ahead for Bitcoin.
However, the cryptocurrency’s failure to break through the psychologically significant $70,000 resistance level has tempered some of the bullish enthusiasm. Analyst Rekt Capital suggests that Bitcoin may remain range-bound until September, following a historical pattern observed after previous halving events.
The persistent accumulation of Bitcoin by whales, coupled with positive technical indicators, suggests a bullish outlook for the cryptocurrency. While short-term volatility may persist, the underlying strength of the market, as evidenced by whale behavior, remains a compelling factor for investors. As the market evolves, it will be crucial to monitor the ongoing dynamics between supply and demand, as well as the impact of macroeconomic factors on Bitcoin’s price trajectory.
