The broader recovery in the cryptocurrency market in July recently took a new turn. Bitcoin [BTC] it is actually leading the charge with the latest bullish activity. However, the suspicious movements of the whales raised some eyebrows in the market which instilled FUD sentiment in the community.
Another day, another drama
Bitcoin has fluctuated below its realized price since June 13, according to CryptoQuant analyses. This is indicative of a possible market bottom. However, there has been a resurgence of the situation with the recent strong increase. With the latest bullish charge of the past two days, Bitcoin is trading above the realized price. The question is whether it will stay above this threshold and use it as a support level or will it drop below this line again.
However, Arcane research has updated on a troubling trend in whale activity since the collapse of the Earth. Analyst Vetle Lunde says over 236,237 BTC has been liquidated since May 10 and the fault lies with large institutions. He further stated: “Most sales are forced sale related and some are not.”
This is the known amount of bitcoin sales since May 10 by large institutions. Most sales are forced sale related and some are not. pic.twitter.com/wNLjgvvFmn
– Vetle Lunde (@VetleLunde) July 21, 2022
The biggest sell-off was seen in the Luna Foundation Guard’s (LFG) attempt to save the peg. More than 80,000 BTC was distributed, but the ecosystem still collapsed sending shockwaves across the industry. This prompted public miners to sell their holdings and in May they sold up to 4,456 BTC and another 14,600 BTC in June. The next big sell-off was seen after Tesla sold 75% of its holdings in Bitcoin. This sale totaled over 29,060 BTC at an average price of $ 32,209.
A slight miss for BTC
BTC is trading just below $ 22,850 at press time after a slight dip in the last day. However, there are cries of Bitcoin to breach the $ 23,000 resistance after another bullish resurgence. Will the king’s coin manage to break through this ceiling is another question that remains to be answered.