Bitcoin whales conducted 120 trades from April 05 to April 11. During this week, they have transferred 223,164 BTC according to Whale Alert reports, of which a significant majority moved in a specific direction. That’s why we present the details in our summary.
All the data collected in this publication can be consulted on the Whale Alert page, its Twitter account and Telegram. This is just an approximation to a part of the Bitcoin and cryptocurrency market in general.
Lagging accumulation? Bitcoin whales modify their actions and trends in April
The prevailing trend this week in terms of BTC transferred was that of transfers between unknown wallets. As our summary chart shows, whales moved 156,401 BTC in this way, which is equal to 70.08% of the weekly total.
Then, we found that the introduction of Bitcoin on exchanges ranked second. In this way, we can see that there is more interest in bringing BTC to the market, probably for sale. Thus, the total transferred from unknown wallets to exchanges has been 30,205 BTC(13.54% of the total).
However, the accumulation trend did not completely disappear, since 28,308 BTC were registered from exchanges to unknown wallets. With this, whales would have accumulated 12.68% of the total Bitcoin mobilized this week. Finally, the weakest trend was that of transfers between exchanges, with a total of 8,250 BTC.
If we look at the summary table we will also see that the busiest days were Monday and Tuesday, and then it was gradually decreasing. It is time to evaluate what was happening with BTC to understand if there is any correlation.
BTC price movements this week
At the time of writing, Bitcoin is worth $ 59,583, after experiencing a 1.03% increase in the last 24 hours. According to information from WhaleMap, large whale directions are showing strong support at the level of US $ 57K and we could be facing a new approach to price discovery in the coming weeks.
However, if you look at the bigger picture we will see that traders opt for the Cash and Carry strategy as the Bitcoin ‘Contango’ expands. This contango is formed thanks to the increasing spread between the prices in the futures and spot markets of BTC.
It involves buying an asset in the spot market against a short position in the futures market when the futures get a significant premium relative to the spot price. In this way, traders pocket a fixed yield, as the premium declines over time and converges with the spot price on the maturity date.
Recommendations
Considering that Bitcoin continues to struggle not only to reach the 60K, but to stay above that level, whales that perhaps feel more urgency for profits can sell and opt for other cryptocurrencies. Nevertheless, it seems that the big wallets will not let it go below 57K. We invite you to monitor with us what could be a week of consolidation or definitive break-up, and modification of trends of Bitcoin whales in April.
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