📢 Gate Square #Creator Campaign Phase 1# is now live – support the launch of the PUMP token sale!
The viral Solana-based project Pump.Fun ($PUMP) is now live on Gate for public sale!
Join the Gate Square Creator Campaign, unleash your content power, and earn rewards!
📅 Campaign Period: July 11, 18:00 – July 15, 22:00 (UTC+8)
🎁 Total Prize Pool: $500 token rewards
✅ Event 1: Create & Post – Win Content Rewards
📅 Timeframe: July 12, 22:00 – July 15, 22:00 (UTC+8)
📌 How to Join:
Post original content about the PUMP project on Gate Square:
Minimum 100 words
Include hashtags: #Creator Campaign
Bitcoin Whale Supply Hits 6-Year Lows—Will BTC Rally or Retreat? - Crypto News Flash
The recent movement of Bitcoin price has attracted more attention as the currency approaches a critical threshold of $110,000. This upturn, even though it’s encouraging at face value, is amid a scenario of major market changes, especially among whales.
Bitcoin Price Analysis Amid Whale Movement
Data indicates that the supply held by Bitcoin whales has dropped to its lowest level in six years. Such massive dumping of whales implies the existence of extensive profits taking, which can add weakness to the current Bitcoin rally According to data from Santiment, there has been a decrease in the position of whale wallets, which typically hold more than 1,000 BTC, indicating caution on the part of market makers.
Such action of whales and LTHs can have real consequences on the short-term path of BTC. Currently, Bitcoin price is trading over $108,000, and this reflects a 7% growth in the last 24 hours. Although this implies a high demand in the short run, one question that needs to be asked is whether the market can sustain these levels under the prevailing sell-side situation.
The new support being keenly monitored by market analysts includes the $108,000 mark. If Bitcoin can be maintained at this level, it can be used to build another wave of resistance around the value of $109,476. Nevertheless, persistent outflow of whale addresses and the reduced distribution patterns by LTH are putting some pressure on the price.
Crypto Analyst’s Opinion On BTC
To further complicate the existing market situation, there is one more indicator, the so-called “Apparent Demand,” that has already become negative. As on-chain analyst Crazzyblockk explained, “The current negative reading indicates a critical demand deficit. The flow of coins onto the market from miners and profit-taking LTHs is now greater than what new buyers are purchasing.” This tendency highlights a trend that implies an increasing mismatch between the supply entering the market and the demand of new entrants.
Bitcoin has been stuck between a rock and a hard place amidst firm institutional interest. Although distribution occurs in large volumes, buying could be a valid means of reversing the trend. However, at the given moment, the overall position of the market is somewhat cautious as both whales and long-term holders seem to reduce their presence.