The year continues to move forward, amid a complex reality for most of the world. This time we will analyze how the Bitcoin whales started in July. The main tool for this will be Whale Alert reports.
Summary of Bitcoin Whale Activity in July
Since July 1, Bitcoin whales have moved 6,176 BTC through four operations. Three of them occurred from unknown wallets to exchanges, and the remaining was between exchanges (from Xapo to Binance).
Specifically, 4,676 BTC were introduced to the market on exchanges. At the same time, no accumulation of any kind has been seen, and there really are few transactions to say that a strategy is underway.
Since July 3, there have been no operations with BTC by Bitcoin whales. However, this could change at the beginning of this week.
The side market that characterized Bitcoin in the month of June continues to be present right now, while the leading cryptocurrency is close to US $ 9,000 again. However, the trend marked at the moment is descending, so it would be necessary to monitor whether BTC breaks below the US $ 9,000 limit.
Status of the cryptocurrency market right now
A fact that cannot go unnoticed at the moment when analyzing Bitcoin’s performance is its increasing correlation with the traditional financial market.
In recent months, the cryptocurrency has been increasingly correlated with the S&P 500, the Wall Street stock index, and the benchmark for global stock markets. Now, the data suggests that the relationship is stronger than ever, probably affecting its attractiveness as digital gold.
Looking at the monthly Bitcoin-S & P 500 index, we will note that the correlation rose to a record high of 66.2% on June 30 and then stood at 65.8%. This according to the cryptocurrency derivatives research firm Skew, which started tracking the data in April 2018.
While Bitcoin is struggling to establish itself as a safe haven asset, some investors remain undeterred. Among them the Bitcoin whales, which despite what happens have not sold the cryptocurrencies that they accumulated since months before the Halving of Bitcoin.