Bitcoin price continues to hold above $77,000 in cryptocurrency markets. In recent days, signals from both institutional investors and whale wallets known for their large transfers present a mixed picture.
Large Bitcoin transfers attract attention
According to Onchain Lens’ on-chain analysis, two newly opened wallets received a total of 500 BTC this week. The total value of these assets is approximately $38.84 million. Galaxy Digital company’s wallet stood out as the source of the transfer transaction.
Additionally, another wallet received 809 BTC transfers via FalconX. The two addresses of this wallet currently hold a total of 1,583.6 BTC, with a corresponding value of $124.42 million.
According to Onchain Lens, “These large-volume transfers generally indicate organized positions taken by individuals or organizations with high capital.”
Mini dictionary: Whale is a term used for investors or organizations that hold large amounts of coins in the cryptocurrency market and can influence the price with their single purchases or sales.
Price moves in a narrow band
Analysts point out that Bitcoin has been stuck between $ 75,000 and $ 78,500 in recent days. According to CoinGecko data, the current price of BTC is $ 77,619.46; This means a decrease of 0.84 percent in 24 hours and 4.25 percent on a weekly basis. The transaction volume was approximately 26 billion dollars.
Technical analyst Ted says Bitcoin has found strong support in the $75,000–76,000 range, with potential for an uptrend to $79,500–$80,000 as long as it stays above that level. IT Tech, on the other hand, emphasized that the outflows above $ 77,600 were rejected in a short time and the price remained in a narrow band.
According to IT Tech’s observations, the price fluctuates between $76,014 and $78,453. The fact that the buy-sell signal changed seven times in five days showed that the market was undecided about the direction. While there is especially intense trading volume between $76,400 and $77,600, sellers protect the level above $77,600 and buyers protect the level of $76,000.
| Below Band | Above the Band | Final Price | 24H Change (%) | Weekly Change (%) |
|---|---|---|---|---|
| $76,014 | $78,453 | $77,619.46 | -0.84 | -4.25 |
ETF outflows put pressure on the market
According to Wu Blockchain’s report based on Sosovalue data, there was a total net outflow of $101 million in spot Bitcoin ETFs on May 21. Thus, there was a rise for the fifth day in a row. While spot Ethereum ETFs saw an outflow of $32.58 million on the same day, the outflow chain in this fund reached nine days.
As reported by Wu Blockchain: “A total net outflow of $101 million was recorded from US spot Bitcoin ETFs on May 21. Spot Ethereum ETFs also recorded an outflow of $32.58 million on the same day.”
In another highlight of the day, Solana ETFs reversed the general trend and recorded a net inflow of $3.85 million.
These developments highlighted inconsistent trends among different investor groups. Whale transfers and ETF movements indicate a period when the market is trying to find direction in the short term.
