{"id":45531,"date":"2021-07-05T17:32:39","date_gmt":"2021-07-05T14:32:39","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=45531"},"modified":"2025-09-01T11:39:12","modified_gmt":"2025-09-01T08:39:12","slug":"bitcoin-whales-sharply-boosted-wallet-balances-after-may-sell-off","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-whales-sharply-boosted-wallet-balances-after-may-sell-off\/","title":{"rendered":"Bitcoin whales sharply boosted wallet balances after May sell-off"},"content":{"rendered":"<p>In early July, Bitcoin-address holders with balances from 100 to 10,000 BTC increased their positions by 60,000 BTC \u2014 to 9.12 million BTC. Santiment analysts shared similar observations.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udc33 <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>\u2018s whale addresses holding between 100 to 10k <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> kicked off July with a 60k <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> accumulation apike, the highest daily spike of 2021. These addresses hold 9.12M coins combined after holding 100k less <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> just 6 weeks ago. <a href=\"https:\/\/t.co\/RmbojWllGv\">https:\/\/t.co\/RmbojWllGv<\/a> <a href=\"https:\/\/t.co\/9Mp65UfGyV\">pic.twitter.com\/9Mp65UfGyV<\/a><\/p>\n<p>\u2014 Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1411584766239985670?ref_src=twsrc%5Etfw\">July 4, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\\n\\n\\n\\n<\/p>\n<p>Analysts noted that this was the largest daily spike in accumulation by large holders so far this year.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Santiment also pointed to a drop in the share of coins held on exchanges to the lowest in six months. Experts see in this a sign of &#8220;reduced risk of further large sell-offs&#8221;.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The ratio of <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>\u2018s supply on exchanges has <br \/>encouragingly slid down to its lowest since early January. The 6-month low is a promising sign, as it generally will indicate that there is a decreased risk of more major <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> selloffs. <a href=\"https:\/\/t.co\/vFh7pcjUmX\">https:\/\/t.co\/vFh7pcjUmX<\/a> <a href=\"https:\/\/t.co\/t3duiStvg6\">pic.twitter.com\/t3duiStvg6<\/a><\/p>\n<p>\u2014 Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1411971284448202755?ref_src=twsrc%5Etfw\">July 5, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\\n\\n\\n\\n<\/p>\n<p>Drawing on on-chain data in <a href=\"https:\/\/www.coindesk.com\/bitcoin-supply-held-by-whale-entities-hits-two-month-high-in-bullish-sign\">CoinDesk<\/a>, analysts said that the bottom had likely passed. They noted that, since the second half of February, whale selling had hindered the market&#8217;s recovery. It was the actions of large players that lay behind the rally from October 2020 to <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-clears-64000-as-ethereum-climbs-above-2350\">record highs<\/a>, they added.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Celsius.Network founder Alex Mashinsky noted in a thread that Bitcoin has undergone two major waves of selling.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>The first occurred at a peak near $65,000 after the FOMO effect among retail investors had run its course. It led to losses totaling $3 billion.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>After that, another decline of roughly the same magnitude followed, driven by FUD due to <a href=\"https:\/\/forklog.com\/en\/news\/china-bars-banks-and-payment-systems-from-bitcoin-transactions\">events in China<\/a>.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Mashinsky expects a third, final wave of selling.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cIt will be sparked primarily by institutional investors, who increased their positions in the Bitcoin trust Grayscale (GBTC) by $20 billion under the influence of FOMO. Hedge funds in January\/February used Genesis Trading and other platforms to buy BTC with up to 4:1 leverage. The first unlock of their shares will occur this week. GBTC sales of $5 billion could push Bitcoin back to $29,000,\u201d<\/em>\u2014 wrote Celsius.Network&#8217;s CEO.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">At least $5B will have to be unwound off <a href=\"https:\/\/twitter.com\/search?q=%24GBTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$GBTC<\/a> which may take BTC prices back to the $29k levels<\/p>\n<p>After this July sell off we should see smooth sailing for the rest of the year as we break new ATH on our way to the<br \/>$140-160k price range per BTC\u2026<\/p>\n<p>\u2014 Alex Mashinsky \u00a9\ufe0f (@Mashinsky) <a href=\"https:\/\/twitter.com\/Mashinsky\/status\/1411414711388749827?ref_src=twsrc%5Etfw\">July 3, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\\n\\n\\n\\n<\/p>\n<p>In the medium term, Mashinsky expects that after July&#8217;s sell-off there will be a period of calm \u2014 Bitcoin will eventually reach <a href=\"https:\/\/forklog.com\/en\/news\/celsius-network-ceo-predicts-bitcoin-price-to-reach-160000\">$140 000 \u2013 160 000<\/a>, before retreating to $90 000 by year-end.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>According to CNBC&#8217;s poll, only 6% of managers believed that Bitcoin could return to the <a href=\"https:\/\/forklog.com\/en\/news\/survey-wall-street-expects-bitcoin-to-finish-the-year-below-30000\">$60 000<\/a> mark by year-end.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Earlier, JPMorgan analysts did not rule out <a href=\"https:\/\/forklog.com\/en\/news\/jpmorgan-analysts-do-not-rule-out-bitcoin-dropping-to-25000\">a drop in the price of digital gold to $25 000<\/a>.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p> Subscribe to ForkLog&#8217;s channel on YouTube! <\/p>\n<p>\\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In early July, holders of Bitcoin addresses with balances from 100 to 10,000 BTC increased their positions by 60,000 BTC to 9.12 million BTC. Santiment analysts shared similar observations.<\/p>\n","protected":false},"author":1,"featured_media":45532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1320,18,1156,1478],"class_list":["post-45531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-address","tag-bitcoin","tag-institutional-investors-and-whales","tag-santiment"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/45531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=45531"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/45531\/revisions"}],"predecessor-version":[{"id":45533,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/45531\/revisions\/45533"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/45532"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=45531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=45531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=45531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}