According to Cointelegraph, Glassnode stated in its latest weekly newsletter that short-term Bitcoin holders (STH, referring to wallet addresses that hold coins for no more than 155 days) accounted for 82% of the inflow of Bitcoin into exchanges, which is much higher than the long-term range of the past five years (usually 55% to 65%). The report stated: "From this, we can determine that most of the recent trading activity is driven by whales that are active in the market in 2023 (and therefore classified as STH)."
In addition, Bitcoin whale trading activity has increased, accounting for 41% of total exchange inflows in July, a one-year high.
Analysts say that over the past five years, net flows from whales to exchanges have tended to fluctuate between ±5,000 BTC per day. However, throughout June and July this year, whale inflows have continued to rise, ranging from 4,000 to 6,500 BTC per day.