The trade of the great Bitcoin whales continues to show low numbers, compared to the average volume that they move in 2023.
Last week the trading volume of large holders was revealed as one of the lowest. However, trading currently continues to decline among Bitcoin whales, at least for transactions of 400 BTC or more.
This retreat into passivity by these speculators in the crypto sector is linked to the price of the currency. Recently, BTC was trading at 27.4K per coin, which is a notable retracement, compared to last week’s price, when it topped 30K. According to CoinMarketCap, in the last 7 days, the value of Bitcoin lost 9.50%.
Likewise, the low trade-in whales is probably related to the price pullback. The data for this work was taken from Whale Alert and the Telegram bot WhaleBot Alerts. The interpretation of these numbers is carried out according to the classic method of reading the movements of the whales.
Low Profile Bitcoin Whales This Week
Similar to the past three weeks, the trading volume of Bitcoin whales remains low. Last week it was highlighted that the number of currencies traded (close to 60,000) only exceeded the figure of 27,000 at the beginning of January.
This week that has just ended, though, the trade was even lower and was around 53,000 Bitcoins moved. It should be remembered that transactions of less than 400 coins are not taken into account for the analysis. Hence, the figures for shipments between exchanges or between unknown wallets remain at zero.
Under such circumstances, the whales may be thought to be on the lookout for profit when necessary. It should be taken into consideration that in most of the reports, sending from unknown wallets to centralized exchange (CEX) wallets was dominant. The latter implies that many of these large investors have their coins on the platforms and are ready to be liquidated.
With the finger on the trigger, the Bitcoin whale trade remains in a position of expectation, which can be considered negative for the price. The moment shipments gain strength in the accumulation direction, ie from CEX to unknown wallets, then the uptrend could be safer.
Here’s How Big Holders Traded this Week
The Bitcoin whales remain in a waiting position before what could happen with the price of the main digital currency. Large transaction trading volume this week was the second lowest so far this year, offsetting the decline from the week before.
When it comes to order trends, they were even, though not as flat as last week. Of the 53,814 coins that were traded in the last 7 days, 29,048 were sent towards possible liquidation or, what is the same, towards the CEX portfolios. This represents 54% of all the coins moved in that period of time.
The shipments to the unknown or accumulation wallets totaled 24,776 BTC, which represents 46% of all the coins moved. Last week, the relationship between possible liquidation and accumulation was 51% and 48% in the same respective order.
Based on this shipment relationship, it could be argued that the influence on the price is indeterminate. However, the low volume increases the chances of volatility if the Bitcoin whale trade does not stay down, but rather rises slightly. It should not be forgotten that the movements of the whales are not the only element that influences the price of Bitcoin.
By Audy Castaneda
