Bitcoin

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.

Bitcoin Whales Still Silent When BTC Price Nears $21,000 5

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%.

BTC daily chart. Source: CoinCu

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.

ETH daily chart. Source: CoinCu

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

SOL daily chart. Source: CoinCu

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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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.