The whales moved 88,488 BTC from unknown wallets to exchanges and 63,191 BTC vice versa. However, those long-term holders transferred 55,211 BTC between crypto marketplaces but made no transactions between peers.
The Bitcoin whales have maintained the trend of introducing liquidity to the market over the last week. Those long-term holders have moved 206,890 BTC through 95 transactions, a significant increase in the activity from the previous week. The following analysis shows the details and the influence that this may have had on the price of Bitcoin.
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.
Daily Analysis of the Activity of the Bitcoin Whales
The predominant trend in the activity of the Bitcoin whales was the introduction of liquidity into the market. They moved 88,488 BTC from unknown wallets to exchanges, equivalent to 42.77% of the weekly total.
The second-highest trend was accumulation, as 63,191 BTC went from exchanges to unknown wallets, representing 30.54% of the weekly total. Unlike late April, the whales seem to be preparing to surface again and sell part of their tokens.
The transfer between exchanges was the third-highest trend, as they moved 55,211 BTC, equivalent to 26.69% of the weekly total. Finally, those long-term holders did not make any transactions between unknown wallets over the last week.
The Performance of Bitcoin Over the Last Week
Bitcoin is trading at around USD 30,915 and has accumulated a 9.5% loss over the last 24 hours. Its daily trading volume is above USD 65.39 billion, and its market capitalization is about USD 588.61 billion, according to CoinGecko.
The price of the pioneering cryptocurrency went back on its way to USD 40,000, close to its lows in the last three months.
BTC inflows into whale addresses at USD 46,551 served as a resistance and a temporary medium-term top for the range of the cryptocurrency. However, there is now a similar resistance at USD 44,355, which should be the medium-term resistance if the BTC price arrives there.
Fear Grips Traders and the Traditional Market
The sustained drop in the price of Bitcoin causes extreme fear to increase among traders. That feeling also affected the recent stock market crash, which lost 1,000 points of the Dow Jones index. The investor fear of the US medium- to long-term economic outlook drove that event.
The US government took some measures after the 0.5% increase in interest rates announced by the Federal Reserve (Fed). Uncertainty about them has affected both the cryptocurrency market and the traditional market. Willy Woo believes that the price of Bitcoin could continue to decline but that it will recover to maintain a long-term bullish behavior.
Widespread inflation is due to the conflict between Russia and Ukraine, which caused an increase in the price of food and energy. The latter affects Europe, as many countries that constitute the community depend on the Russian gas supply. Unfortunately for them, the Eurasian nation now has to face economic sanctions imposed by the United States and the European Union.
By Alexander Salazar
