On 29 June, Bitcoin failed to stay above the price level of $20,000 after a drop of almost 4% in its value. However, crypto whales have accelerated the exchange movements during the recent market correction. Whale Alert’s data shows that a leading Bitcoin address moved almost $158 million worth of BTC from Coinbase to Gemini.
The transfer of 7,750 Bitcoin was executed on 29 June at 2:15 UTC. Approximately 20 minutes before the mentioned transfer, someone moved 4,619 BTC from an unknown wallet to Coinbase. Despite a dip in the overall supply of Bitcoin at exchanges, the latest crypto winter witnessed a boom in BTC exchange flows.
While Bitcoin has lost more than 70% of its value from the all-time highs in November 2021, the total number of BTC holders has jumped.
According to the recent data published by Glassnode, the number of BTC addresses holding at least 1 coin touched an all-time high of 873,043 on 28 June 2022, compared to almost 600,000 in 2018.
BTC’s Market Sentiment
Despite a rise in BTC holders and a jump in whale activity, the BTC market sentiment has turned negative. In its weekly on-chain analysis report, Glassnode noted that all macroeconomic indicators related to Bitcoin are likely to be put to the test in the coming months.
“Based on the current positioning of Bitcoin prices relative to historical floor models, the market is already at an extremely improbable level, with only 0.2% of trading days being in similar circumstances. Long-Term Holders have experienced a long-overdue, but seemingly classic capitulation in June, driven mostly by 2020-21 cycle investors. Almost all macro indicators for BTC, ranging from technical, to on-chain are at all-time lows, coincident with bear market floor formation in previous cycles. Many are trading at levels with just single-digit percentage points of prior history at similar levels,” Glassnode highlighted.
