Bitcoin recently surged to record highs above $123,000 before retreating to near $119,600, triggering significant whale activity. CryptoQuant and Glassnode data reveal monthly average whale inflows to exchanges surged $17 billion – from $28B to $45B – between July 14-18, primarily driven by a single 80,000 BTC transfer. This spike mirrors patterns observed during previous market tops where inflows exceeding $75B preceded corrections.
Darkfost highlighted that daily inflows have since declined, potentially easing selling pressure if the trend continues. Glassnode's 7-day SMA shows whale transfers nearing 12,000 BTC – the highest volume since November 2024 – indicating accelerated profit-taking or capital rotation. While current inflows remain below 2024's peak levels, analysts warn this activity historically signals market inflection points.
Macro factors offer mixed signals: The Federal Reserve is expected to maintain interest rates on July 30, reducing immediate pressure, but tech earnings reports could influence risk sentiment. Notably, Robert Kiyosaki cautioned Bitcoin faces a "sharp decline" if asset bubbles burst, advising investors to wait for corrections before buying.