How did Bitcoin whales start in July?
The year continues to progress, in the midst of a complex reality for most of the world. This time, we’ll look at how Bitcoin whales got their start in July. The main tool for this will be the Whale Alert reports.
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Summary of Bitcoin whale activity in July
Since July 1, Bitcoin whales have moved 6,176 BTCs through four operations. Three of them occurred from unknown wallets to exchanges, and the remaining was done between exchanges (from Xapo to Binance).
Specifically, 4,676 BTCs were introduced to the market on exchanges. At the same time, no accumulation of any kind has been seen, and there are really too few transactions to say that there is a strategy in place.
There have been no recorded trades in BTCs by Bitcoin whales since 3 July. However, this could change by the beginning of this week.
The sideways market that characterized Bitcoin in June is still present at this time, as the leading crypto currency hovers around US$9,000 again. However, the trend is downward, so we should monitor if BTC breaks below the US$ 9,000 limit.
Status of the crypto-currency market at the moment
A fact that cannot go unnoticed at this point in time when analyzing Bitcoin’s performance is its growing correlation with the traditional financial market.
In recent months, the cryptomoney has become 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.
Correlation between Bitcoin price and S&P 500 reaches record levels
Looking at the monthly Bitcoin-S&P 500 index, we note that the correlation increased to a record high of 66.2% on June 30th and then stood at 65.8%. This according to the cryptomoney derivatives research firm Skew, which began tracking the data in April 2018.
While Bitcoin is struggling to establish itself as an active haven, some investors remain undeterred. Among them are The News Spy whales, which despite what’s happening have not sold the crypt coins they accumulated from months before Bitcoin’s Halving.