During the week of July 12-18, 2021, Bitcoin whales mobilized 50,219 BTC through 31 trades. Compared to the previous week, it represents a revival of BTC transfers by whales, but which trends were most prominent? Find out here with us. Meanwhile, BTC remains lower this weekend.
Before continuing, we reiterate that all the data collected in this summary can be found in the reports of Whale Alert on Twitter. 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, while BTC is down
The predominant trend in terms of BTC mobilized during the time analyzed was the introduction of liquidity in the market. As the summary chart shows, 49.55% of the weekly total went from exchanges to unknown wallets, which is equal to 24,882 BTC.
Next, accumulation was the second strongest trend in terms of BTC transferred. A total of 17,408 BTC went from exchanges to unknown wallets during the week (34.66% of the weekly total).
As for the transfer of BTC between exchanges, we can highlight that the whales carried 7,929 BTC from unknown wallets to exchanges. This is equal to 15.79% of the weekly total.
Although the accumulation is latent, and there are those who believe that there could be a supply shock in the future, the introduction of liquidity to the market is what seems to have predominated by the whales this week.
More about BTC context
The entire summary above seems to match the dice shown by CryptoQuant CEO Ki Young Ju, who assured that “Selling pressure (of BTC) appears to be high». It used the ‘Whale Dumping’ indicator for this purpose.
However, analyst Willy Woo contrast this vision saying that “the metric cited is only a proportion of the large deposits in all deposits. It doesn’t analyze withdrawals. It may seem that whales are dumping on exchanges, but it does not take into account the purchase of whales. What is really happening is that whales are selling and buying, being neutral».
The truth is that at the time of publication, Bitcoin is worth US $ 31,524, with a decrease of 0.55% in the last 24 hours according to CoinDesk. This is close to its two-week low, so the forecasts do not seem to be very positive for the bulls. The big concern is that a drop below the psychological level of $ 30,000 could trigger upsells.
The fall came after an upward rebound, which may have been influenced by a report from CoinDesk that Bank of America had approved BTC futures trading for some clients. But it does not seem to have had a lasting effect, and whale activity seems to support this downward event.