Bitcoin crashes below $30K, but on-chain data suggests accumulation is brewing
Despite the Bitcoin markets slipping below $30,000, on-chain data suggests accumulation may be underway, as $1 billion worth of BTC leaves exchanges each month. Despite Bitcoin crashing below $30,000 for the first time in one month, on-chain metrics suggest whales may be steadily accumulating BTC.
According to Glassnode’s July 19 “The Week On-Chain” report, the Bitcoin reserves of centralized exchanges have continued to evaporate despite the recently sustained bearish momentum, with an average of 36,000 Bitcoin (worth roughly $1 billion) being withdrawn from exchanges monthly.
Glassnode infers the shrinking Bitcoin reserves on exchanges as indicating large investors moving BTC into secure storage, rather than leaving their coins on exchanges in preparation for selling. Glassnode also identified a recent increase in the number of entities hodling Bitcoin since May, increasing from roughly 250,000 to nearly 300,000 today. Glassnode describes “an entity” as a unique on-chain cluster of associated addresses.
The on-chain analytics provider noted that the number of “sending entities” — unique address clusters associated with selling — has fallen by roughly one-third from 150,000 to 100,000, while “receiving entities” — addresses linked to accumulation or holding — have increased by roughly than 20% from 190,000 to 250,000 over the same period.
Despite emphasizing signals suggesting accumulation, Glassnode noted heavily divided market sentiment, predicting extreme volatility may be imminent for the markets: “We have an extremely divided market, and one with a likely expansion of volatility just around the corner.”
It added that miners are now also in accumulation mode despite expenses incurred in the great migration in the wake of China’s mining crackdown. The miner net position change metric indicates that more than 3,300 BTC per month is currently being accumulated.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 90.4% | 4 | $26 218.55 | -0.02% | -3.59% | $511 196 515 031 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 94.4% | 6 | $1 597.25 | 0.52% | -1.97% | $192 043 804 309 |  |
|
| 3 |  USDT |
Tether predictions | 92.8% | 1 | $0.999393 | -0.02% | -0.07% | $83 216 323 348 |  |
|
| 4 |  BNB |
Binance Coin predictions | 91.6% | 4 | $212.39 | 0.21% | -1.59% | $32 675 571 293 |  |
|
| 5 |  XRP |
XRP predictions | 91.6% | 8 | $0.500834 | -0.45% | -3.34% | $26 667 020 059 |  |
|
| 6 |  USDC |
USD Coin predictions | 93.6% | 1 | $1.000140 | 0.01% | 0% | $25 526 084 558 |  |
|
| 7 |  STETH |
Lido stETH predictions | 95.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 8 |  WTRX |
Wrapped TRON predictions | 85.6% | 16 | $0.085027 | 1.22% | 0.41% | $8 645 259 106 |  |
|
| 9 |  ADA |
Cardano predictions | 90% | 10 | $0.243860 | -0.68% | -4.34% | $8 566 448 827 |  |
|
| 10 |  DOGE |
Dogecoin predictions | 91.6% | 6 | $0.060530 | -0.04% | -2.87% | $8 545 665 488 |  |
|
| 11 |  SOL |
Solana predictions | 84.8% | 23 | $18.95 | -1.50% | -6.08% | $7 822 537 875 |  |
|
| 12 |  TRX |
TRON predictions | 85.6% | 20 | $0.085393 | 0.76% | 0.94% | $7 608 230 077 |  |
|
| 13 |  TON |
Toncoin predictions | 58.8% | 86 | $2.17 | -0.32% | -11.65% | $7 436 545 214 |  |
|
| 14 |  DAI |
Dai predictions | 91.2% | 1 | $0.998858 | -0.10% | -0.08% | $5 341 779 536 |  |
|
| 15 |  DOT |
Polkadot predictions | 85.2% | 16 | $4.00 | -0.40% | -2.74% | $4 914 191 326 |  |
