Bitcoin bulls lose their grip as BTC price action remains firmly below a critical long-term trendline. Could things get worse as whales deposited over 50,000 BTC to exchanges?
For the largest BTC hodlers, meanwhile, signs of change were already visible in on-chain data.to on-chain analytics firm Glassnode, on June 20 and 21, Bitcoin whales deposited over 50,000 BTC to exchanges. This followed 58,000 BTC in inflows on a single day on June 13.
Overall inflows from whale wallets thus remained elevated on an intraday basis, while still not matching the levels seen during some previous sell-offs. On May 9, for example, the same group sent over 80,000 BTC to exchange accounts, the most since March 2020.earlier this week, whale buyers meanwhile created a potential major support level just above $19,000.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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