As Bitcoin hovers just above $66,000, notable activity is observed in the transfer of unique tokens between wallets.
Recently, 244,000 BTC were circulated in a single day, marking the highest level since March 5th. This uptick in Bitcoin activity suggests a gradual return of utility to levels last seen during the Q1 bull run.
đź“Š As Bitcoin ranges just north of $66K, take note of the rising level of unique tokens being transferred between wallets. 244K BTC circulating in a single day was the most since March 5th. Utility is gradually returning back to levels last seen during the bull run in Q1. đź‘€ pic.twitter.com/uaze6557DE
— Santiment (@santimentfeed) July 31, 2024
The increase in Bitcoin outflow could signal potential price movements, hinting at a possible breakout from the current fluctuation zone. On the hourly chart, the TD Sequential indicator previously signaled a correction before Bitcoin’s drop from $70,000 to $65,500.
Increasing withdrawal of #Bitcoin from exchanges
“The increase in Bitcoin outflow can be a positive sign regarding the possibility of price increase and break-up of the fluctuation area in the future.” – By @CryptoOnchain
Full post 👇https://t.co/IgbJPy2EzV pic.twitter.com/Cioymgn2Gf
— CryptoQuant.com (@cryptoquant_com) July 31, 2024
Currently, it is presenting a buy signal, which might indicate a potential rebound if Bitcoin can maintain an hourly close above $66,300. This development could catch many BTC bears off guard.
On the hourly #Bitcoin chart, the TD Sequential accurately signaled a correction before $BTC dropped from $70,000 to $65,500.
Now, it’s presenting a buy signal, suggesting a potential rebound if #BTC can sustain an hourly close above $66,300. pic.twitter.com/2PjdKreBxy
— Ali (@ali_charts) July 30, 2024
Volatily Expected In The Crypto Market In The Next Few Hours
Volatility is expected to rise as Bitcoin approaches the FOMC meeting and the Federal Reserve’s rate decision. Notably, if Bitcoin reaches $70,420, approximately $302 million worth of liquidations could occur.
A lot of #BTC bears could get rekt!#Bitcoin is seeing a lot of volatility ahead of the FOMC meeting and the Fed's rate decision. Interestingly, $302 million will be liquidated if $BTC jumps to $70,420. pic.twitter.com/bgA6DaCB0Q
— Ali (@ali_charts) July 31, 2024
In recent movements, whale address “12QVsf” withdrew another 1,300 BTC ($85.6 million) from Binance within the past 45 minutes, adding to a total of 5,800 BTC ($388 million) withdrawn over the last two days at an average price of $66,968.
Whale "12QVsf" withdrew another 1,300 $BTC ($85.6M) from #Binance in the past 45 minutes!
Overall, this whale has withdrawn 5,800 $BTC ($388M) from Binance at an average price of $66,968 in the past 2 days.
The #Bitcoin price appears to be rebounding.
Follow @spotonchain and… https://t.co/N09fJsv6xq pic.twitter.com/dkkYf27fKN
— Spot On Chain (@spotonchain) July 31, 2024
Additionally, Mt. Gox addresses transferred 33,960 BTC (worth $2.25 billion) to what may be BitGo, a custodian working with the Mt. Gox Trust Trustee to return funds to creditors. Following these transfers, Mt. Gox now holds 46,160 BTC (valued at $3.06 billion).
According to Arkham, today Mt.Gox addresses transferred 33,960 BTC (worth $2.25 billion) to an address that may be BitGo. BitGo is the fifth and final custodian working with the Mt.Gox Trust Trustee to return funds to creditors. After these transfers, Mt.Gox now holds 46,160 BTC…
— Wu Blockchain (@WuBlockchain) July 31, 2024
On July 30, Bitcoin spot ETFs saw a net outflow of $18.3 million, the first outflow after four days of net inflows. Grayscale’s GBTC experienced a single-day outflow of $73.6 million, while BlackRock’s IBIT saw an inflow of $74.9 million. The total net asset value of Bitcoin spot ETFs now stands at $58.5 billion.
On July 30, the total net outflow of Bitcoin spot ETF was 18.3027 million US dollars, the first net outflow after the net inflow in the past 4 days. Grayscale ETF GBTC had a single-day outflow of $73.6037 million, and BlackRock ETF IBIT had a single-day inflow of $74.8689…
— Wu Blockchain (@WuBlockchain) July 31, 2024
Overall, these developments highlight Bitcoin’s volatile environment and the significant shifts occurring within the crypto space.
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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