May is coming to an end and Bitcoin whales mobilized a total of 179,351 BTC, through 48 trades, during the week. To give you a clearer picture, we also want to show you the outstanding trends, which represent some continuity with respect to the previous week.
For this we bring you our summary table, prepared from the reports of Whale Alert on Twitter during the week. Bitcoin was struggling to surpass US $ 40K, but it was not possible. Therefore, we will analyze Bitcoin whale activity in parallel with Bitcoin performance to assess whether there is any correlation.
Knowing the Bitcoin whales operations and their trends
As the summary chart shows, apparently the predominant trend, at least in terms of mobilized BTC seems to be the transfer between unknown wallets. Of a total of 179,351 BTC, 73.31% (131,488 BTC) was mobilized in this regard. For four days a week, this was the predominant trend.
We also noted that the introduction of liquidity on exchanges was the second predominant trend, with 19,864 BTC mobilized from unknown wallets to exchanges. This is equal to 11.08% of the weekly total. But for four different days, the introduction of liquidity into the market was much more than accumulation. All this probably due to the weakening of the price of cryptocurrency.
Thus we have that whales carried out accumulation operations for a total of 68,855 BTC (20.13%), and transfers to exchanges from unknown wallets for 63,370 BTC (18.52%). However, on May 24 and 26 this trend was weaker than Bitcoin accumulation.
Bitcoin accumulation was also recorded this week, as Bitcoin whales carried 14,704 BTC from exchanges to unknown wallets (8.20% of the weekly total). Finally, we found that 13,295 BTC went from exchanges to other exchanges throughout the week (7.41% of the weekly total).
BTC price assessment
Reports on President Biden’s$ 6 trillion spending plan were expected to boost the price of Bitcoin, but the market remains unchanged. Edward Snowden had even commented on his Twitter that he considered it positive for Bitcoin. So what’s going on?
At the time of writing, Bitcoin is worth $ 35,973, up 6.38% in the last 24 hours, according to CoinDesk. Since May 28, uncertainty reigns in the market about when prices could rebound again above US $ 40K.
In the options market the story seems to be somewhat different according to Nathan Cox, chief investment officer of crypto fund Two Prime. It is a short-term bearish outlook, but a long-term hyperalcistic mode for option traders according to it. From the Bitcoin whales we can expect in June a continuation of the trends that have maintained until these last days of May.