Large Bitcoin investors and holders, also known as whales, have regained some ground this week in terms of volume.
The largest Bitcoin holders, also known as whales, have improved their trading volume over the past seven days. After two straight weeks of low movements, they now seem to be encouraged to trade their funds again.
As recently reported, in the first quarter of the year and, above all, in the last few weeks, shipments to Binance increased, which means there is a danger of a possible massive sale of coins. As always, the data is taken from Whale Alert, as well as from the Telegram bot, WhaleBot Alerts.
Bitcoin Whales in Shy Rally
Although selling pressure from Bitcoin whales is strong, in the larger transaction category the playing field is more even. It is worth remembering that whales make all sorts of moves (big and small) to manipulate the market, and that, on some occasions, they carry out thousands of small transactions to cause an artificial increase in the volume of trade (wash trading).
Oftentimes, whales move large amounts in a few transactions. In any case, in this last type of movement, the trade has been even for at least a month. In this sense, shipments towards possible liquidation and accumulation maintain a balance that is barely dominated by the former.
The abovementioned means that there is minimal pressure towards a possible drop in the price, which is not very decisive. Currently, the BTC price seems to be heading towards 30K again, which could have something to do with the fact that the great Bitcoin whales decreased the magnitude of shipments to exchanges.
This is How Transactions Were Distributed this Week
This week, Bitcoin whales showed an improvement in trading volume, which compared to the previous weeks, was considerably higher. However, compared to the average for the year, it is still a remarkably low amount. In any case, the whales seem to be activated again to carry out major transactions.
Of the 74,484 bitcoins moved this week, 37,172 coins were sent to centralized exchanges (CEXs). This represents 50% of all coins moved within transactions of 400 BTC or more. According to the data, 3% of the shipments, that is, 2,074 BTC, moved between CEX wallets. This could be arbitrage sampling, considering the relative stagnation of the price of the pioneering digital currency.
Regarding transactions towards accumulation portfolios, they totaled 35,238 bitcoins. This equates to 47% of all coins moved in transactions of 400 BTC or more.
Compared to the week immediately before, the gap between shipments toward possible liquidation and towards accumulation becomes shorter. At that time, the relationship was 54% and 46% respectively. It should not be forgotten that the movements of the great whales are not the only factor that influences the price of Bitcoin, although it is one of those that cannot be ignored when predicting fluctuations.
By Audy Castaneda
