Whales may have deposited part of their Bitcoin holdings to different exchanges expecting it to continue its bullish trend. The pioneering cryptocurrency recently went from nearly USD 46,000 to more than USD 57,000, that is, an increase of USD 11,000.
In the last week, Bitcoin whales have moved about 158,585 BTC through 116 transactions. An analysis shows the overall performance of whales as Bitcoin exceeds its highest price and highest market capitalization. There is a summary of all the data on Twitter cryptocurrency analysis account Whale Alert.
Whales have not been particularly interested in selling their Bitcoin holdings these days. They may be expecting the main cryptocurrency to gain more ground and continue its bullish trend in the short term. However, no one discounts the possibility that they have taken part of their Bitcoin holdings to different exchanges.
First of all, Bitcoin Whales transferred most of the tokens between unknown wallets. It is about 91,432 BTC, which represents 57.65% of the total that they have moved during the week.
Besides, whales accumulated a total of 28,361 BTC, that is, they withdrew this amount from exchanges and deposited it to unknown wallets. In contrast, 26,563 BTC entered the market or exchanges from unknown wallets. These amounts represent 17.88% and 16.75% of the total that they moved, respectively.
Although the sales trend was not prevailing, it is possible to perceive that it is not very far from the accumulated total. For that reason, some whales may be looking to take advantage of the gains that Bitcoin offers them in the short term. However, there are still whales that choose not to sell yet, thereby withdrawing liquidity from the market. Finally, a record shows that whales have moved 12,229 BTC between exchanges.
Other Details on Bitcoin Whale’s Report
Bitcoin whales accumulated the most Bitcoin on February 17th. However, the largest number of transfers to exchanges occurred two days later.
The largest amount of Bitcoin Whale’s transfers and activity also occurred on February 19th. The price of Bitcoin reached USD 50,000 and USD 55,000 on the 17th and the 19th, respectively.
In other words, the whales that accumulated on February 17th predicted the increases of February 19th. They even sought to drive the price of Bitcoin by gradually withdrawing liquidity from the market.
Bitcoin’s Performance Analysis
In the last seven days, the pioneering cryptocurrency went from touching USD 46,000 to exceeding USD 57,000. In other words, the increase that Bitcoin had is equivalent to USD 11 thousand. For that reason, the annual returns to date are 94.70%.
Although this event does not make sense, it is an important milestone for Bitcoin to become a significant part of the global financial ecosystem.
Bitcoin is now worth more than Facebook and could even outperform Alphabet, the parent company of Google, or Amazon. It is unlikely that the entire global economy will ever be denominated in satoshis, and even less in “bits”. However, the open protocol that Satoshi Nakamoto created could become a viable global reserve asset.
By Alexander Salazar