Bullish Outlook on Bitcoin is Not Over: Whale Addresses Reach a New Record!

• The supply of Bitcoin on exchanges continued to move towards self-custody orientation and its drop below $30,000 did not trigger strong reactions indicating FUD or potential imminent sales.
• One of the signs of increasing BTC accumulation was the increase in the number of whale addresses. The number of addresses holding more than 1 Bitcoin reached its all-time high of 1,011,727.
• Old addresses holding BTC for a long time did not show signs of succumbing to selling pressure. Data showed that the amount of HODLed Bitcoin reached its highest level in 5 years at 7,791,774.891 BTC.

The drop in Bitcoin price encountered selling pressure at the beginning of the week, but the price drop did not lead to despair among Bitcoin investors.

Price Drop in Bitcoin Did Not Create Despair

While Bitcoin dropped below $30,000 in the past few days, many people thought that the sentiment around BTC would soon turn bearish. However, according to recent data, many addresses are still showing bullish sentiment.

According to Santiment’s data, the supply of Bitcoin on exchanges continued to move towards self-custody orientation and its drop below $30,000 did not trigger strong reactions indicating fear, uncertainty, and doubt (FUD) or potential imminent sales. At the time of writing, the amount of Bitcoin on exchanges was 1.17 million BTC, the lowest level since November 2018.

The self-custody trend was not the only positive indicator for Bitcoin. Behaviors associated with multiple addresses showed that accumulating BTC in the crypto market did not stop despite the price drop.

One of the signs of increasing BTC accumulation was the increase in the number of whale addresses. According to Glassnode, the number of addresses holding more than 1 Bitcoin reached its all-time high of 1,011,727.

Furthermore, old addresses holding BTC for a long time did not show signs of succumbing to selling pressure. Glassnode’s data confirmed this and showed that the amount of HODLed Bitcoin reached its highest level in 5 years at 7,791,774.891 BTC.

ETF Race Heats Up

According to ETF analyst James Seyffart’s tweet, significant approval periods are approaching for various Bitcoin ETFs. ARK 21Shares’ second period is on August 13, which could potentially give them an early mover advantage. Bitwise’s first period is on September 1, and a significant group like iShares Coin Trust enters their first period on September 2.

This group could be subject to a collective evaluation day that could influence the SEC’s decision-making process. Finally, Valkyrie Bitcoin Fund’s first period is on September 4.