Whale Inflows Surge, Daily Inflows Dip – What’s Next for Bitcoin?
Main Idea
Bitcoin reached record highs above $123,000 before pulling back, with whale activity and market inflows influencing near-term price movements, while broader economic factors like US housing data and Fed interest rate decisions also play a role.
Key Points
1. Bitcoin hit record highs above $123,000 last week but has since pulled back, consolidating below $119,600.
2. Whales are actively locking in profits, which could impact Bitcoin's near-term price movement.
3. Monthly average BTC inflows surged to over $75 billion, with a sharp increase of nearly $17 billion between July 14 and 18, likely due to profit-taking.
4. Daily inflows now show a clear decline, a trend that CryptoQuant suggests should be monitored closely.
5. Futures markets predict the Federal Reserve will keep interest rates unchanged at its July 30 meeting, which could influence market sentiment.
6. The crypto market capitalization has slightly retreated from a $4 trillion peak but remains up over 17% year-to-date.
Description
Bitcoin hit record highs above $123,000 last week before pulling back. On Monday, it edged closer to $119,600. As prices consolidate below this level, whales are actively locking in profits. This behavior could affect the crypto asset’s near-term price movement if selling pressure increases. Whale Activity Spikes Upon focusing on monthly average BTC inflows to reduce noise, CryptoQuant found that during the last two market tops, whale inflows to crypto exchanges surpassed $75 billion. This trigg...
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