Bitcoin whales accumulate as stock market deposits increase, suggesting a downside

Bitcoin whales continue to accumulate as exchanges see a surge in deposits, suggesting possible selling pressures.

Bitcoin hit a new monthly low of $ 31,000 in July. However, according to on-chain analytics firm Santiment, key Bitcoin addresses continue to pile up as the price drops.

Mood to explain that the number of addresses will continue to increase from 100 BTC to 10,000 BTC.

“The cumulative amount of these whales has increased by 100,000 BTC since May 21st.”

Source: Santiment

Bitcoin price is still falling

While it appears that bitcoin whales are piling up with the price drop, CryptoQuant claims that the bitcoin bear market was confirmed on June 21st. They reiterated that “too many whales are sending bitcoin to exchanges”.

Ki Young Ju, CEO of CryptoQuant, recently tweets that “the bitcoin selling pressure seems to be a premium”. According to Ju, the indicator shows that the exchange rate of the whales is more than 85%. “When this indicator is consistently above 85%, the market usually falls.”

Source: CryptoQuant

Glassnode’s on-chain analysis also points out some interesting facts. Accordingly, Bitcoin is trading near the bottom of a major volume node in the chain.

Bitcoin traded over 1.86 million BTC on the chain, with prices ranging from $ 31,000 to $ 34,300. This corresponds to 9.93% of the circulating supply.

“This is currently the largest real-volume cluster in $ 12,000,” said Glassnode.

Source: Glassnode

Bitcoin is currently trading at $ 31,446, down nearly 10% in July, while it’s down 51% since its all-time high of nearly $ 65,000 in April.

Source: Tradingview

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