Bitcoin whales have been increasingly active in recent weeks, with a notable surge in the volume of BTC being moved off exchanges. This trend has reached its highest level since 2015, a time when Bitcoin was valued at approximately $220.
Whale Accumulation and Exchange Withdrawal
In July, large Bitcoin holders—defined as addresses with over 1,000 BTC, or at least $64 million—added 84,000 BTC to their holdings. This accumulation occurred despite the cryptocurrency market experiencing a period of stagnation. Notably, these whales have been transferring Bitcoin from exchanges at an unprecedented rate, marking the largest outflow in nine years, according to data from Glassnode’s whale net position change metric. Over the past 30 days, approximately 64,000 BTC has been moved out of exchange balances.
This significant activity mirrors the last major withdrawal event in September 2015, when Bitcoin’s price hovered around $220. The current trend suggests that whales may be anticipating a price bottom, similar to the 2015 scenario.
Potential Signs of a Bitcoin Price Bottom
Several analysts believe that Bitcoin may have formed a new local bottom above the $63,000 mark, a level that has previously served as strong support. Crypto analyst Elja highlighted this potential bottom in a post on X, stating, “BTC has bottomed. It’s time for some big green candles.”
Adding to the optimistic outlook, Bitcoin closed the month above a “key macro level” of $61,600, as noted by the trader Titan of Crypto. This bullish close is seen as a positive sign for the market, suggesting that the upcoming months could bring significant developments, despite a potentially quiet summer.
However, Bitcoin recently faced rejection at the $70,000 psychological resistance level. Popular analyst Rekt Capital pointed out that Bitcoin might remain in a rangebound pattern until September. He suggested that a breakout from the current range was unlikely so soon after the recent halving event, a pattern observed in past market cycles.
