A historic exodus is taking place among Bitcoin whales, as revealed by @CryptoVizArt, a senior researcher at Glassnode, in a recent analysis.
The research sheds light on the significant impact of whales on the recent market activity. According to the data, Binance whales contributed to 34% of the sell pressure in the last 30 days, making them influential players in shaping the market dynamics.
Interestingly, there has been a noticeable trend in whale behavior with a decline in the total balance of whale entities on exchanges. The report indicates that in the last 30 days, "Whale Flow to Exchanges" experienced the largest monthly balance decline in history, amounting to -148,000 BTC per month. This sharp decline marks a significant shift within the whale cohort, raising questions about their motives and strategies.
During the rally above $31,000, whale funds pouring into exchanges surged significantly. Glassnode's data shows that whale inflow volumes reached an impressive +16,300 BTC per day, indicating their active involvement in recent market movements. Notably, these whale inflows accounted for 41% of all exchange inflows, a figure comparable to both the LUNA crash (39%) and the failure of FTX (33%).
Throughout June and July, whale inflows maintained an elevated bias, ranging between 4,000 to 6,500 BTC per day. Among all exchanges, Binance emerged as the primary destination for whale inflows, with approximately 82% of whale-to-exchange flows heading there. In contrast, Coinbase accounted for 6.8%, and all other exchanges accounted for 11.2%.
Despite the overall decline in the balance of whales, @CryptoVizArt's analysis reveals intriguing internal dynamics within the whale cohort. While some whales increased their balances, others experienced declines. This phenomenon led the researcher to introduce the concept of 'Whale Reshuffling,' suggesting that not all whales follow the same strategy.
Over the last 30 days, the examination of the whale cohort shows that whales with more than 100,000 BTC increased their balances by +6,000 BTC, whales with 10k-100k BTC decreased their account balance by -49.0k BTC, and whales with 1k-10k BTC increased their account balance by +33.8k BTC. However, in aggregate, the whale group experienced a net outflow of just -8.7k BTC.
BTCUSD
BUY 29200 - 29400 💯💯
✅ TP1: 30000
✅ TP2: 30400
✅ TP3: 30800
🛑 SL: 28800
The research sheds light on the significant impact of whales on the recent market activity. According to the data, Binance whales contributed to 34% of the sell pressure in the last 30 days, making them influential players in shaping the market dynamics.
Interestingly, there has been a noticeable trend in whale behavior with a decline in the total balance of whale entities on exchanges. The report indicates that in the last 30 days, "Whale Flow to Exchanges" experienced the largest monthly balance decline in history, amounting to -148,000 BTC per month. This sharp decline marks a significant shift within the whale cohort, raising questions about their motives and strategies.
During the rally above $31,000, whale funds pouring into exchanges surged significantly. Glassnode's data shows that whale inflow volumes reached an impressive +16,300 BTC per day, indicating their active involvement in recent market movements. Notably, these whale inflows accounted for 41% of all exchange inflows, a figure comparable to both the LUNA crash (39%) and the failure of FTX (33%).
Throughout June and July, whale inflows maintained an elevated bias, ranging between 4,000 to 6,500 BTC per day. Among all exchanges, Binance emerged as the primary destination for whale inflows, with approximately 82% of whale-to-exchange flows heading there. In contrast, Coinbase accounted for 6.8%, and all other exchanges accounted for 11.2%.
Despite the overall decline in the balance of whales, @CryptoVizArt's analysis reveals intriguing internal dynamics within the whale cohort. While some whales increased their balances, others experienced declines. This phenomenon led the researcher to introduce the concept of 'Whale Reshuffling,' suggesting that not all whales follow the same strategy.
Over the last 30 days, the examination of the whale cohort shows that whales with more than 100,000 BTC increased their balances by +6,000 BTC, whales with 10k-100k BTC decreased their account balance by -49.0k BTC, and whales with 1k-10k BTC increased their account balance by +33.8k BTC. However, in aggregate, the whale group experienced a net outflow of just -8.7k BTC.
BTCUSD
BUY 29200 - 29400 💯💯 ✅ TP1: 30000
✅ TP2: 30400
✅ TP3: 30800
🛑 SL: 28800
