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Despite the recent crash below the critical $30k level by Bitcoin (BTC), on-chain metrics from Glassnode suggest that whales are still on binge acquisition mode.
According to the analytics platform’s weekly report released yesterday, the benchmark cryptocurrency’s reserves on crypto exchanges are on a steady decline despite having turned bearish since its sustained drop below $36k. Recent data put the average monthly withdrawal from crypto exchanges at about $1 billion.
Glassnode explained that this action by large investors indicates that they are moving their holdings to safe storage rather than selling on exchanges.
Glassnode also reported a spike in the number of entities HODLing BTC since May, noting that this number has increased from 250,000 to 300,000 presently. According to the analytics firm, “an entity” is a unique on-chain cluster of associated addresses.
Glassnode revealed that the number of “sending entities” (unique address clusters selling their holdings) dropped significantly from 150,000 to 100,000, while “receiving entities” (unique address clusters HODLing or accumulating more coins) have spiked by 20% from 190,000 to 250,000 over the same time.
However, Glassnode highlighted that market sentiment is currently heavily divided, noting that:
“We have an extremely divided market, and one with a likely expansion of volatility just around the corner.”
Key Bitcoin Levels to Watch — July 20
After a prolonged bout of sideways movement, Bitcoin has finally broken below the critical $30k for the first time since June 22. The primary cryptocurrency suffered a devastating blow from the $31k pivot zone, which accelerated its descent below $30k.
The recent crash sent BTC to the $29.5k support, followed by a rebound to the $29.9k level presently. That said, the $29.5k support might not be the bottom of the present crash, and subsequent declines could follow in the coming hours and days.
Meanwhile, our resistance levels are at $30,000, $30,500, and $31,000, and our key support levels are at $29,500, $29,000, and $28,000.
Total Market Capitalization: $1.2 trillion
Bitcoin Market Capitalization: $558.7 billion
Bitcoin Dominance: 46.6 %
Market Rank: #1
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