Bitcoin continues to hold positions around $8K, confirming the consolidation phase after a sharp surge to $9K. Daily trading volumes are stably held at around $20 billion. Huobi’s cold wallet increased by 116,456 BTC ($908 million) over the course of the day, making it the largest bitcoin wallet. This event may be a cause of concern to market participants, indicating the willingness of the “whales” to sell. However, it may be just increasing the stock exchange’s own assets or moving funds for other purposes.
Judging by the dynamics of the other largest crypto wallets, whale assets have grown by 223,000 BTC ($1.74 billion at the current exchange rate) since the beginning of June, some of them are also wallets of crypto exchanges, others have not yet been identified. When the whales want to sell their assets, not seeking to influence the dynamics of the market, they do it on over-the-counter platforms or change digital keys for money without moving funds. When the movements are public, it is worth questioning the true reasons.
The FxPro Analyst Team
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