Bitcoin experienced a significant decline in new addresses at the beginning of June, reaching multi-year lows.
However, this trend has reversed, with daily new addresses increasing by 35% since that low point, signaling renewed interest in the cryptocurrency.
Bitcoin saw a significant dip in new addresses at the beginning of June, hitting multi-year lows.
However, the trend has reversed with daily new addresses now up by 35% since that low point. pic.twitter.com/CTCjzHE3Pt
— IntoTheBlock (@intotheblock) July 30, 2024
In the past 24 hours, four major Bitcoin whales have accumulated a total of 5,900 BTC, valued at $397 million, from centralized exchanges (CEX). Notably, whale “12QVs” withdrew 4,500 BTC, worth $303 million, from Binance at approximately $67,298 per BTC. Of this amount, 3,500 BTC, valued at $233 million, were withdrawn following a significant price drop in Bitcoin.
Additionally, three other whales, likely acting as a single entity, withdrew 1,400 BTC, valued at $94 million, from Bitfinex at around $67,185 per BTC. Since June 12, this entity has withdrawn a total of 3,910 BTC from Bitfinex at an average price of $65,764, resulting in an unrealized profit of $4.59 million, a gain of 1.79%.
Four whales accumulated 5,900 $BTC ($397M) from CEX in the past 24 hours!
1️⃣ Whale “12QVs” withdrew 4,500 $BTC ($303M) from #Binance at ~$67,298.
• Among these tokens, 3,500 $BTC ($233M) were withdrawn after the #Bitcoin price plunged.
2️⃣ Three whales (likely one entity)… pic.twitter.com/YCWNM5GI4z
— Spot On Chain (@spotonchain) July 30, 2024
The US Government Moves 29.8K Bitcoin To A New Address
In a notable move, the US government transferred 29.8K BTC, worth approximately $2 billion, to a new address 24 hours ago. This address is suspected to be linked to Coinbase, following the recent announcement that Coinbase will provide custody services for the US government. This is not the first time the government has moved BTC to new addresses, though the amounts in previous months were significantly lower.
ℹ️US government moved 29.8K $BTC (~$2B) to a new address an hour ago
We suspect it is a Coinbase address and it may link to the recent announcement from Coinbase as US Gov chooses them for custody https://t.co/ieHCKFJQN2
The US government has also moved $BTC to the new… pic.twitter.com/8RyxQBQF5U
— Spot On Chain (@spotonchain) July 29, 2024
In the Bitcoin ETF market, the net flow remains positive for the fourth consecutive day, with a total inflow of $124 million as of July 29. Notably, only BlackRock’s iShares Bitcoin Trust (IBIT) saw an inflow yesterday, reflecting continued institutional interest in Bitcoin.
🚨 US #ETF 29 JUL: 🟢$124M to $BTC and 🔴$98M to $ETH
🌟 BTC ETF UPDATE (final): +$124M
• The net flow remains positive for 4 consecutive days.
• Only #BlackRock (IBIT) saw an inflow yesterday!
🌟 ETH ETF UPDATE (final): -$98M
• The net flow remains negative for the 4th… pic.twitter.com/KMCL0ggiX6
— Spot On Chain (@spotonchain) July 30, 2024
These developments indicate a dynamic period for Bitcoin, marked by increased accumulation by major players and significant movements by government entities, contributing to the evolving landscape of the cryptocurrency market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: Photo by Traxer on Unsplash // Image Effects by Colorcinch