Bitcoin Whales Possibly Locking Profits Near $120K Amid Slowing Inflows and Potential Price Stabilization
Main Idea
Bitcoin whales are increasing exchange inflows near the $120K price level, indicating profit-taking and potentially stabilizing prices as selling pressure eases.
Key Points
1. Between July 14 and 18, Bitcoin whales moved an additional $17 billion worth of BTC to exchanges, signaling profit-taking near the $118,400 price level.
2. A prominent whale deposited 400 BTC (valued at $47.1 million) into Binance, securing a 109% return on investment from an initial purchase of 1,500 BTC at an average price of $56,282.
3. The Exchange Whale Ratio suggests potential cooling in selling pressure, with recent data indicating diminished selling activity and possible short-term price stability.
4. Over 30% of Bitcoin's supply has been dormant for five years, with 7.5% considered permanently lost, reflecting long-term holding trends.
5. Whale inflows in 2022 showed spikes above a 0.8 ratio during turbulent price action, while 2023 and 2024 exhibited more moderate ratios (0.2-0.6).
Description
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