As a seasoned researcher with years of experience tracking the intricacies of the cryptocurrency market, I find myself captivated by the recent movements of Bitcoin (BTC). The past 24 hours have been a rollercoaster ride for BTC investors, as the price dropped 4.5% from the $70,000 mark to $66,500, but it appears that shrewd Bitcoin whales are seizing this opportunity to accumulate more coins.
Late on Monday, the price of Bitcoin (BTC) encountered strong resistance at the $70,000 mark, leading to a decline of 4.5%, which brought it down to $66,500. Remarkably, large Bitcoin holders, known as whales, have taken advantage of this situation by purchasing approximately 5,900 BTC, equivalent to a massive $397 million, from centralized exchanges (CEXs).
Bitcoin Whales Buy The Dips
According to Spot on Chain’s on-chain data, the Bitcoin whale identified as “12QVs” extracted a sum of 4,500 Bitcoins, equivalent to approximately $303 million, from Binance. This transaction occurred around the Bitcoin price point of $67,298. Among these withdrawn Bitcoins, roughly 3,500 BTC were taken out shortly after Bitcoin’s correction on Monday.
In a coordinated move, it appears that three whales might have collaborated to withdraw approximately 1,400 Bitcoin (equivalent to around $94 million) from Bitfinex at roughly $67,185 per coin. Since June 12th, these whales have cumulatively withdrawn about 3,910 BTC from Bitfinex, with an average transaction price of $65,764 each. At present, they hold a potential profit of approximately $4.59 million on their Bitcoin holdings.
Four whales accumulated 5,900 $BTC ($397M) from CEX in the past 24 hours!
1⃣ Whale “12QVs” withdrew 4,500 $BTC ($303M) from #Binance at ~$67,298.
• Among these tokens, 3,500 $BTC ($233M) were withdrawn after the #Bitcoin price plunged.
2⃣ Three whales (likely one entity)…
— Spot On Chain (@spotonchain) July 30, 2024
Recently, the cryptocurrency market experienced significant selling pressure following news that the US government transferred approximately 29,800 Bitcoins, valued at over $2 billion, on Monday. This announcement sparked concern throughout the crypto sector, suggesting a potential large-scale sell-off reminiscent of Germany’s past actions. Simultaneously, Mt. Gox has been actively moving its Bitcoin in preparation for the next round of distributions to affected creditors.
In spite of current circumstances, Bitcoin’s price remains above the significant support level of $65,800. This area has previously triggered rebound responses for the cryptocurrency. As long as large Bitcoin holders protect this support region, the digital asset should continue to be considered secure.
BTC Recovery Very Soon?
Over the past few weeks, I’ve observed that the price of Bitcoin has been consistently fluctuating between $65,000 and $70,000. To propel BTC towards significant growth beyond this range, it requires a robust catalyst from macroeconomic factors such as a potential Fed rate cut or an injection of liquidity into the market.
As a CryptoQuant analyst, I’ve observed that the Coinbase Premium Index (CPI) is still lagging behind the SM14, indicating persistent selling pressure on Bitcoin. By correlating these two data points, I foresee this trend continuing. In my analysis, this suggests that investors are still offloading their BTC holdings.
As an analyst, I’ve found that the Consumer Price Index (CPI) data has taken on increased significance in the financial markets following the approval of Spot Exchange-Traded Funds (ETFs) in the United States. By combining the CPI figures with the Simple Moving Average (SMA) of 14 periods, I’ve discovered a more effective method for tracking short-term price trends. At present, the CPI stands at -0.008 and my SMA is at 0.020. These numbers suggest that sellers hold a stronger position in the US market.
When Coinbase Premium Index is below SMA14, selling pressure increases
Analyzing the 2024 data, it’s evident that Bitcoin price adjustments took place whenever the CPI (Coinbase Premium Index) dipped beneath its moving average of 14 days. – Paraphrased version by @burak_kesmeci
Link
— CryptoQuant.com (@cryptoquant_com) July 30, 2024
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2024-07-30 14:30