In the past week, the Bitcoin (BTC) market has unfurled its latest dalliance with quite the staggering number, peaking at a melodramatic $123,091 on the 14th of Julyâquite the summer spectacle, one might say! But, inevitably, our dear Bitcoin, like a pouting child at a party, took a slight tumble post-celebration. Meanwhile, in a delightful twist of fate, the altcoins have taken center stage, with certain large-cap tokens strutting their impressive gains as if they just won the lottery.
7-Day SMA Bitcoin Whale Exchange Transfers Near 12,000 BTC â Glassnode
In a recent missive via X (formerly Twitter, darling), the illustrious blockchain soothsayers at Glassnode have provided us with a rather riveting insight into the Bitcoin shenanigans. Theyâve noted that the volume of whale transfers, those hefty fortunes sloshing around, seems to be on the rise, as Bitcoin chastely retreats from its dizzying heights. How quaint! A classic case of âletâs see what else the party has to offerâ when the Bitcoin balloon bursts just a tad.
Our friends at Glassnode reveal that the 7-day simple moving average (SMA) for BTC being whisked from whale pampered wallets to exchanges is nearing the commendable figure of 12,000 BTCâhardly an average week by any means, but isnât it comforting that such bustling activity reminds us of the joyous November of 2024 just before another crypto frenzy? Oh, nostalgia!
When those large holders decide to trot their BTC off to the exchange, it often whispers of their intentions to liquidateâeither to pamper themselves with profits or merely to indulge in the next alluring opportunity. Given the current flirtation with altcoins, the latter seems all too plausible, wouldnât you agree?
In the grand tapestry of Bitcoinâs price correction, several altcoins have gallantly surged ahead, fueling speculations that perhaps, just perhaps, altseason is stirring from its slumber. For perspectiveâs sake, CoinMarketCap rather excitingly reports that our favorite cryptocurrency was performing with a modest 0.27% gain over the week, while enthusiastic altcoins such as Ethereum, XRP, and Solana flaunted gains of 19.98%, 25.98%, and 8.86% respectively. They must be feeling quite fabulous!
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2025-07-20 01:22