Bitcoin whales are actively transferring coins to centralized exchanges. Typically, such actions are regarded as a signal of the imminent start of the sale of BTC.
On-chain data reports that in just one day, the volume of exchange deposits of whales reached $275 million. The main cryptocurrency, meanwhile, continues to fight for the $30,000 mark.
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BTC Whales Take a Waiting Position
Tracker data Whale Alertwhich tracks the transactions of large investors, indicate that exchange balances were replenished by 9,406 BTC, worth about $275 million.
The vast majority of coins came to Binance. Almost half of them were transferred in just two transactions.
Source: Whale Alert
The transfer of large amounts of funds by this cohort of investors usually signals that they are waiting and preparing for a sell-off. With bitcoin failing to get close to $30,000 again this week, the actions of the whales could have a significant impact on the mood of retail investors and motivate them to get rid of the coins.
The change in the net position of “Hodlers” has reached a local minimum
Against the backdrop of weakening bullish sentiment, the number of net changes in the positions of long-term investors recently hit a 1-month low.
Source: Glassnode
According to the analytical platform Glassnodeas of the end of July BTC HODLer Net Position Change amounted to 17,604.723. This indicates that the holders were closing their positions and taking profits, rather than opening new ones.
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2023-07-29 14:09:00
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