Throughout the week, Bitcoin whales mobilized a total of 342,124 BTC across 175 trades. And while you may think this amount is surprising, we want to show you the outstanding trends, which are even more interesting.
For this we bring you our summary table, prepared from the reports of Whale Alert on Twitter throughout the week. The downtrend was maintained, and even accentuated. 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 342,124 BTC, 49.25% (168,481 BTC) was mobilized in this regard. However, this is simply thanks to the fact that on Monday, May 17, the whales mobilized 158,481 BTC in this way. The rest of the days there was almost no activity between unknown wallets, except for a trade on May 20 for 10,000 BTC.
With this we can see that although in quantity it seems to be predominant, in terms of persistence it was not. We also noticed that the accumulation far exceeded the introduction of liquidity in exchanges. 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%). Finally, we found that 41,418 BTC went from exchanges to other exchanges throughout the week (12.10% of the weekly total).
Bitcoin price explained
At the time of writing, Bitcoin changes hands worth $ 33,606, representing a decrease of 10.77% in the last 24 hours. The range has remained between US$ 31,179 and US $ 38,425 according to CoinDesk. Although the operations of introducing liquidity in the market by the Bitcoin whales were dormant, it does not fully explain this marked decline of BTC.
According to Nick Mancini, an analyst at Trade the Chain, the specific reason for today was news from exchange Huobi, which said it is cutting some of its offerings in some countries due to China’s increasingly tough line on cryptocurrencies.
Although Huobi was the specific catalyst for today’s fall, it is only the latest negative news in the sector that has been battered in recent weeks. Fears of the restriction of cryptocurrencies in China, fears of an upcoming regulation in the United States and that Tesla would turn his back on Bitcoin have hit the market.
In the short term, several analysts said they see the US$ 30K as strong support and, with many liquidations out of the way, a possible recovery in the coming week. However, as we see, negative news is what can determine BTC’s direction and market sentiment. The same goes for Bitcoin whale trading trends.
BTC entries on exchanges increased considerably especially since May 19. This indicator of whale dumping reached the year’s high since the big sale in March last year. Whales continue to deposit their BTC on exchanges. However, these whales that sold above 40K-50K may be able to take advantage of current prices to buy back their tokens.