Bitcoin's recent price action has been volatile, and on-chain data has also shown divergence. On one hand, large holding addresses are increasing their holdings again, while on the other hand, there has been a significant increase in Bitcoin flowing to exchanges, indicating that the market still has short-term profit-taking demand. The simultaneous emergence of multiple signals has made the market more cautious in its judgment of the future direction.
Whale Wallet Returns to Increase Holdings
On-chain data shows that wallets holding 1,000 to 10,000 Bitcoins collectively added 55,450 BTC on May 30. This is the most significant increase in holdings by this type of address since February.
These types of wallets are often seen as important targets for large holders. Their renewed expansion of holdings indicates that some long-term funds have not turned to overall selling off due to recent volatility, but rather have continued to accumulate during periods of price pressure.
Binance inflows increased by approximately $5.6 billion.
Meanwhile, data from exchanges is sending another signal. Between April and June, Binance saw a significant increase in Bitcoin inflows over the past 30 days, with both retail and large account inflows increasing.
- Retail account inflows rose from approximately $5.55 billion to $9.15 billion.
- Large account inflows rose from approximately $3.2 billion to $5.2 billion.
- The two types of accounts saw a combined inflow of approximately $5.6 billion.
The influx of Bitcoin into exchanges typically indicates increased demand for selling, profit-taking, or short-term portfolio adjustments. This also suggests that while some whales are increasing their holdings off-exchange, tradable Bitcoin is concentrating on trading platforms, and short-term selling pressure has not disappeared.
Early wallet anomalies draw attention
The market also noted that an early Bitcoin wallet, dormant for nearly 15.8 years, recently transferred out 20 BTC, worth approximately $1.47 million according to the article. On-chain tracking data shows that this transfer occurred at block 951,828.
The wallet is believed to date back to the early CPU mining phase of Bitcoin in 2010. Analysts point out that this address is not associated with Satoshi Nakamoto, and the transaction size is very limited compared to Bitcoin's daily trading volume of approximately $16 billion, therefore it is insufficient to directly affect the price.
Technical signals point to a rebound observation range
From a technical perspective, the report mentions that a TD Sequential buy signal has appeared on the 12-hour chart for Bitcoin. This indicator is often used by traders to observe local lows and the possibility of trend reversals.
The article cites analysts who suggest that if buying holds the current support level, Bitcoin may retest the $75,000 area. However, exchange inflows remain high, meaning that for a rebound to materialize, prices need to stabilize first, and the buying trend needs to continue.
Overall, Bitcoin is not currently showing a clear trend. Large-scale increases in holdings by addresses, unusual activity in early wallets, and improved technical indicators suggest that some funds are preparing for a further upward move; however, increased inflows into exchanges also indicate that the short-term market still faces strong pressure from investors waiting to see what happens and to cash out.
