The Bitcoin price underwent a massive plunge in the past few days and has been consolidating within a very narrow range since then. The current accumulation displays some possibilities of a bullish breakout but larger chances of experiencing a bearish breakdown very soon. Besides, the whales also appear to have become uncertain about the upcoming rally, and hence they have begun to undertake extreme steps.
The price is experiencing significant selling pressure since the beginning and a fresh bearish wave is speculated to hit the BTC price. This may further compel the price to breach through the lower support that it had tested last month. The recent update on whale behavior has raised huge concerns over the next BTC price rally. The whale balances have been constantly declining in the past couple of months, indicating a possible shift in their sentiments.
According to the data from Glassnode, the whale volume in the exchanges has witnessed a steep drop since the beginning of the month that has reached levels it has never tested in history. The buying and selling behavior of these largest BTC holders could have a directional impact on broader market conditions.
The total net balance held by the whale cohort based only on exchanges has dropped by 255K BTC since May 30, and the 30-day net position change of aggregate whale balance to and from exchanges has witnessed the largest plunge of nearly 148K BTC.
These huge whale actions speak that there may be noteworthy shifts happening with the Bitcoin cohort balance. It is also important to note that the whales continue to transfer BTC from the exchanges, but the amount of BTC sent to the exchanges is extremely higher. Nearly 82% of the BTC has been sent to the popular exchange Binance, while only 6.8% has been sent to Coinbase.
The current whale transfers reflect a similar pattern that it followed during the Terra ecosystem collapse and the FTX fallout. Hence raising alarms over the upcoming Bitcoin (BTC) price rally which is held under bearish influence at the moment.
