Bitcoin holders cut exchange transfers as whales move $307M — $80K rebound next?

Bitcoin old holders who purchased their coins six to twelve months ago have now considerably reduced their exchange-bound transfers. In fact, according to CryptoQuant insights, the holders’ share of exchange-bound transfers fell from 40.4% on 17th June to 4.4% on 15th October.

On the contrary, broader BTC movement increased despite a reduction in exchange-bound activity among these holders. To be specific, the latest 30-day transfer volume hit 205,400 BTC, compared to the 157,700 BTC in June.

The figures might allude to a shift in how older investors move their holdings.

Additionally, a fall in exchange participation could mean weaker immediate selling pressure from this particular investor group.

Bitcoin whales move over $307M

Beyond declining exchange activity, two major Bitcoin whale transactions introduced another development to the supply outlook of the market.

Whale Alert on X reported a transfer of 2,878 BTC, valued at nearly $234.28 million, between two unknown wallets. Separately, another whale withdrew 888 BTC, worth roughly $72.82 million, from crypto exchange Kraken.

Combined, these two transactions totalled 3,766 BTC, carrying a value of approximately $307.1 million.

Here, it is also worth noting that unlike the transfer between unknown wallets, the Kraken withdrawal minimized the exchange’s BTC holdings directly.

The transactions were in alignment with the wider decline in exchange-bound activity among older Bitcoin holders.

Spot netflows reveal contrasting story

Bitcoin’s broader spot exchange activity, however, presented a different picture from the latest whale withdrawal.

According to CoinGlass, BTC was recording a positive spot netflow of $18.65 million at press time. These figures suggested that the exchange inflows exceeded the withdrawals during the reporting period.

The aggregate figure pointed towards a net increase in exchange-held BTC, unlike the Kraken transaction. Usually, such movements can increase the available selling supply, especially when market participants transfer tokens onto the trading platforms.

The positive netflows, however, alone cannot establish whether holders intended to sell their tokens or not. 

Furthermore, the recent reading also contrasted with the falling exchange-bound share among six-to-twelve-month BTC holders.

Therefore, these conflicting values could expose Bitcoin’s immediate supply conditions to a mixed state ahead of its next price direction.

Can Bitcoin hold above $80K support?

At the time of writing, Bitcoin [BTC] was valued at around $81,542 after struggling to sustain its recovery towards $87,333. In fact, the subsequent correction pushed BTC closer to the psychological $80,000-support, even though the token had not yet tested that level.

The Chaikin Money Flow (CMF) indicator stood at -0.14, hinting at persistent capital outflows and prevailing selling pressure. The RSI indicator, on the hand, stood at 46.42, below its moving average of 52.95, validating the weakening price strength.

Simply put, BTC might be vulnerable to further declines towards $80,000, with both indicators favoring sellers

Finally, Binance’s Liquidation Heatmap revealed clusters around that support zone, alluding to a potential target before a price recovery.

Ultimately, Bitcoin could likely grab these liquidity concentrations before rebounding towards the $83,895 resistance before a move to $87,333.

Final Summary

• Bitcoin’s older holders reduced exchange transfers as recent whale accumulation transactions exceeded $307 million.
• BTC could likely sweep liquidations clusters around the $80K support before attempting a recovery.