In a remarkable shift within the cryptocurrency realm, Bitcoin whales—defined as addresses holding over 1,000 BTC, equating to at least $64 million—have markedly intensified their acquisition efforts, amassing 84,000 BTC in July alone, despite the market’s recent lethargic phase. Furthermore, these whales have been withdrawing BTC from exchanges at an unprecedented pace not witnessed since 2015.

Bitcoin Whale Exodus from Exchanges Surges

Bitcoin whales continue their accumulation spree, systematically transferring vast amounts of BTC off exchanges. This exodus is underscored by the latest data from Glassnode, revealing that these major holders have orchestrated the most significant withdrawal of Bitcoin from exchanges in nearly a decade. Approximately 64,000 BTC have vacated whale exchange balances in the past month, marking the largest negative net position change since September 2015, a period when BTC prices were bottoming around $220.

Moreover, addresses with at least 1,000 BTC have consistently bolstered their holdings, with an average influx exceeding 100,000 BTC per week. CryptoQuant CEO Ki Young Ju highlighted last month:

Whale wallets (>1K BTC), encompassing spot ETFs and custodial wallets, have accumulated 1.45M BTC this year, bringing their total to 1.8M BTC. In 2021, around 70K BTC flowed in annually; now, it’s 100K BTC weekly. I repeat, 100K BTC weekly.

As of August 1, Glassnode data indicated that 1,651 whale addresses held at least 1,000 BTC, a notable increase from 1,498 at the year’s outset.

Has Bitcoin Found Its Bottom?

The cryptocurrency community is abuzz with speculation that Bitcoin may have established a new local bottom above the $63,000 threshold, a level previously acting as formidable support on the four-hour chart. Crypto analyst Elja expressed optimism in an August 1 X post, suggesting that this could signify a price floor.

Adding to the bullish sentiment, Bitcoin achieved a monthly close above a pivotal macro level of $61,600, as noted by prominent trader Titan of Crypto. He stated in an August 1 X post:

Despite the turbulence, BTC managed to stay above a critical macro level. This is very encouraging. While summer may bring a stagnant market, the upcoming months promise to be very interesting.

However, Bitcoin faced rejection at the $70,000 psychological resistance, suggesting that the cryptocurrency might remain rangebound until September. Popular analyst Rekt Capital articulated this viewpoint in a July 30 X post:

Bitcoin is still on track for a September breakout. Historical patterns indicate that a breakout from the ReAccumulation Range approximately ~100 days post-Halving was always going to be unlikely.

As the cryptocurrency market navigates through these intriguing developments, the actions of Bitcoin whales and their substantial market movements will undoubtedly continue to influence broader market dynamics.