Exchanges received $275 million in BTC: what bitcoin whales are up to
Date: 2023-07-30 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
Bitcoin whales are actively transferring coins to centralized exchanges. Usually, such actions are regarded as a signal of the imminent start of the BTC sale.
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.
BTC whales have taken a wait-and-see attitude
Data from the Whale Alert tracker, which tracks transactions of large investors, indicate that exchange balances have been replenished with 9406 BTC worth about $275 million.
The vast majority of coins went to Binance. Almost half of them were transferred in just two transactions.
The transfer of large amounts of funds by this cohort of investors usually signals that they are taking a wait-and-see attitude and preparing for a sell-off. Given that bitcoin has not been able to get close to the $30,000 mark again this week, the actions of whales can have a significant impact on the mood of retail investors and motivate them to get rid of coins.
The change in the net position of the "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 reached a 1-month low.
According to the analytical platform Glassnode, as of the end of July, the BTC HODLer Net Position Change indicator was 17,604.723. This indicates that holders closed their positions and took profits, rather than opening new ones.
