The Bitcoin whales transferred 144,753 BTC between peers and 7,021 BTC from unknown wallets to exchanges. Those long-term holders moved 5,900 BTC from crypto marketplaces to private addresses but only 1,400 BTC between the former platforms.
The Bitcoin whales seem to keep their pace as Bitcoin (BTC) remains in a sideways trend of around USD 19,100. However, the weekly summary of their most prominent movements over the last week will allow a closer look.
It is necessary to contextualize that activity to better dig into the status of the whales and the market as a whole. However, this is just a micro approach to one of the many factors that can influence the performance of BTC.
The Bitcoin Whales Have Moved Sideways over the Last Week
The predominant trend in the activity of the whales has been the transfer between unknown wallets. They moved 144,753 BTC from their private addresses to others, representing 91% of the weekly total.
The second-highest trend was the introduction of liquidity into the market. The whales transferred 7,021 BTC from unknown wallets to exchanges, equivalent to 4.41% of the weekly total.
Accumulation was the third-highest trend, as 5,900 BTC went from exchanges to unknown wallets, representing 3.71% of the weekly total. Finally, those long-term holders only made one transaction for 1,400 BTC between crypto marketplaces, equivalent to 0.88% of the weekly total.
Although the Bitcoin whales moved 159,074 BTC through 21 operations, this has not been their busiest week. The reports from Whale Alert last weekend made that situation more evident.
The Current Situation of the Pioneering Cryptocurrency in the Market
Bitcoin is trading at around USD 19,322 and has accumulated a 1.4% gain over the last 24 hours. While its daily trading volume is above USD 26.37 billion, its market capitalization is about USD 370.76 billion, according to CoinGecko.
Regarding the week, BTC has traded flat at USD 19,000, which has not changed much. Since the beginning of the year, the variation in the price of the cryptocurrency has been 58.46% to the downside.
According to the Wall Street Journal, the Federal Reserve (Fed) plans to raise interest rates by another 75 basis points in November.
The lack of volatility in its overall daily price has been one of the most relevant aspects of Bitcoin this year. Therefore, it seems firmly entrenched along a support line, with little momentum to break the range to the upside or the downside.
The pioneering cryptocurrency seems ready to continue trading from USD 18,600 to USD 20,200. The price might experience a bullish cross from the 10-day moving average (USD 19,200) above the 50-day moving average (USD 19,800). However, the conditions do not seem the most convenient, as the Bitcoin whales tend to neither sell nor buy.
Investors should research the all-time high and possible future price of Bitcoin and the activity of the whales before buying it. That will help them find the most convenient investment opportunity to reduce the risk of losing money.
By Alexander Salazar
