The broader crypto market rally in July recently took a new turn. Bitcoin [BTC] Effectively leads the charge with recent bullish activity. However, suspicious whale movements have raised some eyebrows in the market, which has sparked FUD sentiment in the community.
Another day, another drama
Bitcoin has been fluctuating below its realized price since June 13, according to a CryptoQuant analysis. This indicates a possible market bottom. However, with the recent sharp rise, the situation has improved. With the latest bull load in the past two days, Bitcoin is trading above the realized price. The question is whether it will stay above this line and use it as a support level or fall back below this line.
However, Arcane Research has updated a worrying trend in whale activity since the collapse of Terra. Analyst Vetle Lunde claims that since May 10, over 236,237 BTC have been liquidated and large institutions are to blame. He further explained, “Most of the sales are related to forced sales, some are not.”
236,237 BTC.
This is the amount of known bitcoin sales by major institutions since May 10th. Most sales are forced sales, others are not. pic.twitter.com/wNLjgvvFmn
— Vetle Lunde (@VetleLunde) July 21, 2022
The biggest sell-off was seen in the Luna Foundation Guard (LFG) attempt to save the bond. More than 80,000 BTC were staked, but the ecosystem still collapsed, sending shockwaves through the industry. This prompted public miners to sell their own holdings, and they sold up to 4,456 BTC in May and another 14,600 BTC in June. The next big selloff came after Tesla sold 75% of its Bitcoin holdings. This sell-off totaled over 29,060 BTC at an average price of $32,209.
Source: Arcane Research/Twitter
A small mistake for BTC
BTC is trading just below $22,850 at press time after a slight drop over the past day. Still, there are calls for Bitcoin to break the $23,000 resistance after another bullish resurgence. Will the king coin break this cap is another question that remains to be answered.
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