The month of April is finally over, and the Bitcoin whales manifested their activity with some outstanding moves that we will show you in this weekly summary. Overall, they mobilized a total of 164,942 BTC through 108 trades throughout the week. Here are the details.
It should be noted that the data collected here can be verified in Whale Alert’s reports on Twitter or any of its additional channels. The intent of the post is merely informative, and it’s just a micro look at one of the factors influencing Bitcoin’s valuation.
What have been the highlighted movements of Bitcoin whales this week?
Of the weekly total mobilized, approximately 46.81% was transferred from one unknown wallet to another. This, as the summary table shows, is equal to 77,217 BTC. Whale activity was fluctuating, but on most days of the week this was the predominant trend in terms of BTC transferred, with the exception of April 30.
Likewise, accumulation was present, with 41,131 BTC mobilized from exchanges to unknown wallets (24.94% of the weekly total). On April 30, the predominant trend of whales was precisely to mobilize their BTC in this regard. We would consider this phenomenon as part of the prominent movements of Bitcoin whales during the week.
Next, we counted 30,500 BTC transferred from unknown wallets to exchanges. In other words, 18.49% of the weekly total mobilised brought liquidity to the market probably for later sale. Finally, 16,004 BTC were mobilized between exchanges throughout the week (9.70% of the total).
How did Bitcoin perform?
Last week we could label it as a week in which BTC struggled not to lose its support level around US $ 53K.May started with a kind of recovery above US$ 56K, probably influenced by the options expiry on April 30.
Third, US Federal Reserve Chairman Jerome Powell spoke about the macroeconomic environment and stood firm in the face of the expectation of an average inflation of 2% over the coming years. Indirectly, this could help the price of Bitcoin and promote the increasing use of cryptocurrency as a reserve asset in corporate balance sheets.
However, crypto assets bring a different kind of risk to the table. In addition, the concept of Bitcoin as collateral has many hurdles to overcome before it can make a significant difference in today’s financial ecosystem.
If we take into account only the data obtained in the week, we will see that the whales have been accumulating BTC. Massive Bitcoins have been transferred, but these transactions are not from exchanges but possibly OTC or off-market offers.
Finding
During the month of May we can possibly see how whales struggle to maintain at least a level close to US$ 53-55K, perhaps driving the rise to US$ 60K by decreasing the supply available on exchanges. But this will not be so simple, unless there is renewed institutional demand or the macroeconomic environment allows for more interest in BTC as a reserve asset. The latter carries risks, but it’s something some companies like MicroStrategy have considered doing.
Relate
