Bitcoin climbs above $66,000 as $130.5M whale transfer fails to halt rally

A $130.5 million whale transfer failed to derail Bitcoin's rally, with the largest cryptocurrency pushing past $66,000 for the first time since early June.

Bitcoin rose 3.9% to $66,309 as of 14:30 UTC on July 21, recovering from an intraday dip below $64,000 triggered by a $130.5 million whale transfer. The whale moved 2,000 BTC from an unknown wallet to a new address, according to Whale Alert data, briefly pushing the price to $63,750 before buying pressure absorbed the supply within 90 minutes.

The rally added roughly $70 billion to the total crypto market capitalization in a single day, CoinGecko data shows. Open interest across Bitcoin futures rose to $37.2 billion, with perpetual swap funding rates remaining near zero at +0.003% — a signature of spot-led demand rather than leveraged speculation, per Coinglass.

The $66,000 level now serves as the near-term support floor. A sustained hold above it opens the path to the $70,000 call wall, where roughly 35,000 options contracts sit as the market's largest single position, according to Deribit data. A close back below $63,000 would invalidate the breakout.

The move extends a recovery that began after the July 14 US consumer price index print, which showed headline inflation cooling to 3.5% year over year — the largest single-month decline since April 2020. The data pushed the CME FedWatch probability of a July rate hike below 15%, removing a key headwind for risk assets.

Spot Bitcoin exchange-traded funds recorded a second consecutive weekly net inflow, ending eight straight weeks of outflows, with BlackRock's IBIT leading on July 17 at $136.5 million in net inflows, according to Bloomberg data. Strategy, the largest corporate Bitcoin holder, disclosed zero BTC sales for the week ending July 19, maintaining its 843,775 BTC position while raising $263.5 million via its at-the-market equity facility.

Ether rose 7.2% to $1,912 over the same period, outperforming Bitcoin for a second straight week and lifting the ETH/BTC ratio to 0.0293. Institutional block flows on Ether were 76.4% buy-call one-way, the most directional signal from that cohort in recent months, according to block trade data.

The $70,000 level represents the next major test. A break above it on volume would target the $72,000 strike, where roughly 27,000 call contracts are concentrated. The July 31 monthly expiry — with approximately 110,000 Bitcoin call contracts and 33,000 puts outstanding — introduces a gamma event that could amplify price swings into month-end.

This article is for informational purposes only and does not constitute investment advice.