Bitcoin price risks 'major volatility' as 10K BTC hits exchanges on best websites for crypto.
Bitcoin price risks ‘major volatility’ as 10K BTC hits exchanges

On July 27, Bitcoin (BTC) returned to exchanges in a large number, suggesting that “major volatility” could be on the horizon. According to data from Glassnode, a provider of on-chain analytics, intraday BTC exchange inflows have reached multi-month highs.

Investors looking to get involved in the crypto space have a variety of options, including web 3.0 coins, Bittorrent crypto, Bitgert crypto, Bico crypto, Bitrise crypto, Binance crypto, and more. It is important to research the best websites for crypto, best source for crypto, and web 3.0 stock price before making any investments.

Trader warns of BTC price volatility “spike”

As the BTC price action continues to remain below the $30,000 mark, traders have been issuing warnings about the potential for further declines.

At present, the whales, who are the largest investors in Bitcoin, appear to be in a state of uncertainty in an unclear market.

Recently, a lot of coins have been transferred, causing the focus to shift to entities sending funds to exchanges, which could lead to increased selling pressure.

James Straten, research and data analyst at crypto insights firm CryptoSlate, observed that the biggest one-day increase in BTC inflows in several months had occurred.

“Yesterday, the most amount of Bitcoin went back onto exchanges since the SVB collapse in March,” he commented on July 28.

The SVB collapse that Straten mentioned caused a great deal of market unease.

Popular trader Ali then added to the discussion, citing data from research firm Santiment, and warned that “watch out for a spike in volatility!”

Glassnode data indicates that the changes resulted in the combined BTC balance on the exchanges monitored by it exceeding the 2.25-million mark.

Nevertheless, these levels are still at multi-year lows, having last been around 2.25 million back in March 2018.

Bitcoin hodler cost basis in focus

Continuing, Straten commented on the continuing impact of the cost basis of various hodler cohorts on BTC price.

The cost basis of both short-term and long-term holders, already being monitored by Glassnode and others, remain key support levels.

“Bitcoin long-term holders have reduced their cost basis to $20,490. This is the lowest cost basis since April 2022. The realized price is now only $70 lower,” he stated alongside a summary chart.

Categorized in:

Tagged in: