Bitcoin whales continue the month of June with slower activity, if compared to May, where the predominant trend seems to have shifted towards selling. This week there were also no movements between unknown wallets reported by Whale Alert.
Overall, whales mobilized 70,973 BTC through 50 operations, which we will detail below. But before we continue, we reiterate that all the data collected in this summary can be found in Whale Alert’s Twitter reports. This article is just a look at one of the factors influencing the price of BTC, and is not isolated from the rest.
Bitcoin whales activity in the second week of June
This week the predominant trend was the introduction of liquidity in the market, just like last week. This thanks to the transfer of 35,012 BTC from unknown wallets to exchanges. This is equal to 49.33% of the weekly total. In these cases, one possibility is that they will be taken to exchanges for sale.
Likewise, it was recorded that whales accumulated 26,433 BTC mobilized from exchanges to unknown wallets. That is, 37.24% of the total mobilized by the whales left the market.
Finally, we have that whales advanced in June moving 9,528 BTC between exchanges (13.43% of the weekly total).
What do we know about Bitcoin?
At the time of writing, BTC changes hands totaling $ 39,000, representing a 10% increase in the last 24 hours according to CoinDesk. This follows a few weeks in which concerns over China’s increasingly stringent regulations on cryptocurrencies wreaked havoc on the price of BTC.
However, at the moment any Chinese “crackdown” on cryptocurrency mining is the golden opportunity for miners from other latitudes. Washington and Beijing would find it difficult to stop Bitcoin mining, or at least directly legislate it. As long as at least one computer is “mining BTC”, it exists. In that case, if the price of Bitcoin goes up, more miners will be activated, motivated by rewards.
It’s not that mining is untouchable. The risk is, but it’s not a regulatory risk that affects the security of Bitcoin itself. The market seems to be better understanding that difference between technology risk and regulatory risk on cryptocurrencies. According to CoinDesk, “in vacillation between retail-and institution-driven market cycles, that dynamic could change rapidly».
Therefore, this selling trend shown by Bitcoin whales in this week of June can be two things. The first one that they prefer to opt for more attractive altcoins in the short term, or that they expect BTC to go down again in the near future. We still hope you keep an eye on it.