TLDR
- Bitcoin traded near $64,690, up about 1.1% over 24 hours.
- A whale withdrew over 1,250 BTC ($80.94M) from Binance, signaling accumulation.
- Analyst Ted Pillows called the move “Accumulation” in a widely shared post.
- US GDP grew 1.5% in Q2, missing forecasts, but strong spending kept the Fed cautious.
- Bitcoin’s short-term holder cost basis near $69,000 is the next level to watch.
Bitcoin traded near $64,690 on Thursday, up about 1.1% over the past day. The move followed a large purchase from a single investor known as a whale.
Blockchain tracker Arkham reported that the whale withdrew more than 1,250 Bitcoin, worth about $80.94 million, from Binance. Moving coins off an exchange often points to long-term holding rather than plans to sell soon.
Whale Activity Draws Analyst Attention
Crypto commentator Ted Pillows shared a post about the transfer, describing it in one word: “Accumulation.” His comment echoed a wider view among traders that large holders may be positioning for further gains.
Data from CoinGlass showed Bitcoin open interest near $47 billion. That means traders are still choosing to hold leveraged positions instead of exiting the market.
Liquidation levels also dropped. This points to less forced selling inside the derivatives market.
On-chain data from DeFiLlama showed Bitcoin’s total value locked holding near $4 billion. Active addresses stayed steady around 600,000.
CryptoRank noted Bitcoin has gained more than 10% this month. July has historically been one of the stronger months for the asset.
Bitcoin’s move also followed a US government report on second-quarter economic growth. Growth came in at 1.5%, below the forecast of 2.1%.
Weaker growth can raise hopes that the Federal Reserve will cut interest rates. Lower rates tend to help riskier assets, including Bitcoin.
Inflation Data Complicates the Rate-Cut Case
Consumer spending rose 3.2% during the quarter. That was a sharp jump from the previous quarter’s 0.5% pace.
Economist Joseph Brusuelas of RSM US said trade figures masked stronger underlying growth. He said inflation looked firmer once those trade effects were removed.
Core inflation rose 3.4% for the quarter. That remains above the Fed’s 2% target.
The Fed held its benchmark rate steady at 3.50% to 3.75% this week. Three officials had voted for a rate hike at the meeting.
Glassnode data showed Bitcoin’s short-term holders have an average cost basis near $69,000. That level marks the next price zone traders are watching.
Spot trading volume for Bitcoin has fallen to its lowest point since 2019. US spot Bitcoin ETFs also returned to net outflows this week after brief inflows in mid-July.
On the chart, Bitcoin reclaimed its 20-day moving average. The price still sits below its 50-day, 100-day, and 200-day averages, with resistance near $64,900 and $67,500.
