Bitcoin Whales Still Silent When BTC Price Nears $21,000

On-chain data shows that the largest Bitcoin holders are not in the mood to act at current prices.

In a Twitter thread on July 14, BlockTrends analyst Caue Oliveira highlighted what he describes as an ongoing “hibernation” among Bitcoin whale wallets. An accompanying chart shows a marked lack of high volume transactions on the network in recent months, with only Terra’s crash causing a temporary trend break.

Popular trader Crypto Tony was also in the mood for modest optimism over short timeframes, with a view to shifting to $21,700 for profit-taking.

A noticeable change of tact occurred after initial losses after 40 years of US consumer price index (CPI) highs. Thus, compared to the July 13 lows, Bitcoin was up 11%.

Many major altcoins had responded well to the rebound in BTC price action, with Ether (ETH) making a noticeable rebound to cap more than 12% daily gains. ETH thus managed to avoid a return below the psychologically significant level of $1,000.

Others in the top ten cryptocurrencies by market cap also performed well, with only Solana (SOL) beating ETH in the past 24 hours.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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