The Bitcoin Whales moved 131,009 BTC through 95 transactions, mainly through transfers from one exchange to another. Analysts from JPMorgan recently said that inflation is the real driver of the price of Bitcoin, not the launch of ETFs.

The price of Bitcoin (BTC) finally reached a new all-time high after so many attempts. Even though it has pulled back since then, it remains the cryptocurrency with the highest value. An analysis of the activities the whales did in the last week reveals their influence on the performance of Bitcoin.

According to data from CoinGecko, the value of Bitcoin has recently fluctuated between USD 59,540 and USD 62,200. At the same time, the Bitcoin whales retain some trends that allow predicting their next moves. As the price of the pioneering cryptocurrency seeks to resume its all-time high, their recent activity allows speculating what they could do with their coins.

According to Whale Alert, the whales maintain a sustained trend of not accumulating Bitcoin to benefit from the all-time high of its price by generating profits.

The Bitcoin Whales Remain Optimistic

In the past week, the Bitcoin Whales moved a total of 131,009 BTC through 95 transactions. The prevailing trend was the transfer of Bitcoin between exchanges, so most of the coins went from one platform to another. Those investors moved 57,396 BTC, equivalent to 43.81% of the total weekly trading volume.

The transfer between unknown wallets is the second most predominant trend among the Bitcoin Whales. They moved a total of 40,112 BTC, which account for 30.62%, for only two days. Likewise, there is evidence of the entrance of liquidity into the market with 19,449 BTC transferred from anonymous wallets.

However, the weakest trend is accumulation on the part of the Bitcoin whales. These events usually occur in bullish scenarios like this week, in which they transferred 14,052 BTC to anonymous wallets. The objective of the whales was to obtain the profits that they had not been able to generate in weeks.

To better understand the lack of accumulation of the whales, it is necessary to understand what happened in the cryptocurrency ecosystem.

Several Factors Lead the Price of Bitcoin Higher

The launch of the first Bitcoin ETF of ProShares in the United States fueled the rise of the price of Bitcoin. Although it was very promising, the value of the ETF shares dropped by 4% and closed at USD 24.30. That indicates that it followed the decline of Bitcoin on its first day of trading.

Analysts from JPMorgan recently said that inflation is the real driver of the price of Bitcoin. Nikolaos Panigirtzoglou, a strategist at that firm, added that the launch of BITO alone will unlikely trigger a new phase of massive investment in Bitcoin.

Those experts expressed that they believe that the perception that Bitcoin is a better hedge than gold led to the rise in its price. For that reason, there has been a switch from gold ETFs to Bitcoin ETFs.

However, investors hope that the pullbacks will be minor during the rest of the year. Meanwhile, other investors state that leverage levels are high in the Bitcoin futures market, which usually precedes a decline.

The Bitcoin whales will adjust their activity to generate the profit they have not made in the last months. Besides, if the price of the pioneering cryptocurrency falls, they will seize the opportunity to repurchase the coins they sell.

By Alexander Salazar