Despite the Declining Trend in Bitcoin, Whales Continue to Hold on to BTC

  • At the time this article was written, the percentage of BTC held in exchanges had dropped to 5.80%. This level represented the lowest point since 2017.
  • Despite the continuous participation of whales, ongoing price trends, and a decrease in exchange supply, significant whale owners remained active in transactions.
  • At the time this article was written, the 30-day active address metric was above 18 million. This development was expected considering the significant amount of new address entries throughout the year.

The downward trend in Bitcoin was disappointing for investors, but the supply of BTC on exchanges reached its lowest level since 2017.

Bitcoin Supply on Exchanges Shows a Decrease

Bitcoin-BTC

Aside from the price trend of Bitcoin, there has been a significant decrease in supply on exchanges. According to recent data, this decrease reached a yearly low and indicated increased interest from major holders (whales).

Around March 2020, the percentage of Bitcoin supply on exchanges had exceeded 16%. However, after a few upward trends, it entered a period characterized by a general decline.

At the time this article was written, the percentage of BTC held in exchanges had dropped to 5.80%. As highlighted by a recent Santiment post, this level represented the lowest point since 2017.

bitcoin-supply-on-exchanges

In addition, despite this decrease, the Santiment chart revealed significant interest from BTC whales. The examination of the chart showed several instances of high whale activity, with the number of current whale transactions surpassing 1,100.

Despite ongoing price trends and a decrease in exchange supply, the continuous participation of whales indicated that significant whale owners remained active in transactions. This persistence also demonstrated the presence of ample liquidity despite the overall decline.

Increase in Bitcoin Active Addresses

Between February and May 2021, Bitcoin reached its peak in terms of active addresses, surpassing 20 million. However, a subsequent decline occurred, and throughout 2022, the number of active addresses did not surpass this threshold.

Around July 2023, a positive trend emerged, and the number of active addresses approached the 2021 level. At the time this article was written, the 30-day active address metric was above 18 million. This development was expected considering the significant amount of new address entries throughout the year.

bitcoin-active-addresses-30d

BTC Continues Downward Trend

Examining Bitcoin’s Relative Strength Index (RSI) on a daily timeframe indicated its position in the oversold region. This showed that the current downward trend was strong and there was no clear relief in the price movement. At the time this article was written, the price was approximately $26,030, experiencing a decrease of approximately 0.10%.

Additionally, the Long-Term Average acted as a strong resistance point around $27,500. Furthermore, the Moving Average Convergence Divergence (MACD) exhibited a trend below the zero line, further confirming the downward trend of the RSI.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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