Since May 30, the aggregate balance of bitcoins owned by whales (from 1,000 BTC), excluding exchange wallets, has decreased by 255,000 BTC. Such estimates are provided by Glassnode analysts.
The monthly rate of decline of the metric (148,000 BTC) has become a record in history.
The situation does not look so dramatic if transactions involving exchanges are added to the sample. Over the past 30 days, the whales have transferred 255,000 BTC to their addresses. As a result, the net contraction of large market participants decreased by only 8,700 BTC.
Taking into account also the change in balances within individual segments of the whales, we can talk about “shuffling the coins,” the experts explained.
The chart below shows the surge in bitcoin from whales to centralized platforms (16,300 BTC per day) during the recent rally. Their share in the total mass of deposits on exchanges reached 41%, which exceeded the values during the collapse of Terra (39%) and the collapse of FTX (33%).
Such activity is also well illustrated by the dynamics of net flows to exchanges. The indicator for whales jumped to 5,000 BTC per day, while the aggregate metric for all participants fell into the negative area (-250 BTC per day).
In the structure of whale deposits on OC dominated by Binance (82%). Coinbase accounts for 6.8% of the coins, the rest of the sites – 11.2%. In other words, during the July rally, over a third of the influx of large players was directed to Binance. The dominance trend of the latter has intensified in the last 12 months.
The share of speculators in receipts on the platforms jumped to 82%, which is above the long-term range over the past five years (typically 55% to 65%). Analysts noted that since the beginning of the summer, most of the trading activity is associated with whales that made trades in 2023.
The following chart shows that short-term whales often take profit or loss when their paper profit or loss reaches +/- 30%. Their actions cause the formation of local price extremes.
Recall that on July 22, the wallet, which had been inactive for more than 11 years, moved all of its 1037 BTC worth about $31 million.
Earlier, Glassnode analysts calculated that the proportion of bitcoins that have not moved in the past two years has reached an all-time high of 53%.
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