The week of April 19-25 seems to be the busiest for Bitcoin whales in the whole year, as according to Whale Alert reports more than 400K BTC were mobilized through 171 operations. However, there are some observations to make in this weekly summary.
All data shown here can be found on Whale Alert’s Twitter account, or on any of its other channels. The intent of this article is merely informative, and it’s just a micro look at the Bitcoin market.
How did whales mobilize more than 400K Bitcoin?
At first glance the amount is impressive. However, the vast majority of these 400k Bitcoin were mobilized between unknown wallets, which may indicate movements between exchanges ‘ cold wallets. Throughout the week, 341,582 BTC were mobilized in that regard, which is equal to 80.17% of the weekly total.
An important observation is regarding what happened on April 20, when 14 trades were recorded in a row for 8,605 BTC. Hence the amount of moves this day, and the apparent amount of BTC has been so large.
Then, the second predominant trend was the introduction of liquidity to the market with a total of 29,654 BTC (6.96% of the total). The day with the most BTC moved from unknown wallets to exchanges was April 23, with a total of 13,478 BTC, as the summary chart shows.
However, the trend of introducing liquidity into the market did not completely overshadow the accumulation trend. In this way, we have that 29,063 BTC went from exchanges to unknown wallets throughout the week (6.82% of the total).
Finally, the weakest trend of whales this week was to make transfers between exchanges with 25,797 BTC (6.05% of the total).
Bitcoin performance in the week
This week has been red for the price of Bitcoin. At the time of writing, the cryptocurrency is worth$ 48,817, following a 4.19% drop in the last 24 hours.
Since April 23 it has fallen below its short-term support, which was US $ 50K.In addition, there seems to be strong resistance around US$ 54K-55K, which could limit the recovery of the BTC price. It is this scenario in which whales have gradually introduced more and more liquidity into the market, and perhaps be able to buy more BTC in the future if the fall continues.