During the week of June 28 to July 04, 2021, Bitcoin whales, in short, mobilized 53,035 BTC through 34 trades. Here it is worth mentioning that Whale Alert’s reports on Twitter seem to have stopped including movements between unknown wallets and, therefore, this trend was not registered.
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 during the beginning of July
The predominant trend in terms of BTC mobilized during the time analyzed was BTC accumulation, or withdrawal of liquidity and supply from the market. As the summary chart shows, 61.52% of the weekly total went from exchanges to unknown wallets, which is equal to 32,625 BTC.
Next, the introduction of liquidity to the market was the second strongest trend in terms of BTC transferred. A total of 17,741 BTC passed from one Exchange to another during the week (33.45% of the weekly total).
As for the transfer of BTC between exchanges, we can highlight that the whales carried 2,669 BTC from unknown wallets to exchanges. This is equal to 5.03% of the weekly total.
At the time of writing, Bitcoin is worth $ 35,518, following a 2.45% increase in the last 24 hours according to CoinDesk. The recovery has been brief, considering that since June 29 the leading cryptocurrency had been in decline, reaching nearly $ 32K.
Meanwhile, the supply of Bitcoin held by the Bitcoin whales reaches a maximum of two months. This could constitute a bullish signal that we must evaluate. The amount of BTC held by whales increased by more than 80,000 to 4,216 million BTC on Friday according to Glassnode data, and unchanged on Saturday. This would be the highest level since May. The number of whaling entities has also risen to a three-week high of 1,922.
The renewed accumulation by Bitcoin whales is good news for the market, as they played a major role in driving Bitcoin from$ 10K to nearly$ 60K during the five months until February 2021. All this matches the data collected in the weekly activity summary.