During this just-ended week, Bitcoin whales noticeably increased the trend towards accumulation by +3.34% week-on-week. However, overall volume saw a sharp decline and arbitrage remained the preferred activity.
This week, the price of BTC remained relatively stable until recent days, when a period of decline began. The latter was linked to macroeconomic data from the United States, which highlighted a slowdown in GDP and persistent inflation.
Bitcoin Whale Activity This Week
Bitcoin whales increased the accumulation trend. This is the fourth consecutive week of increase in the percentage of shipments to unknown wallets. Meanwhile, total volume decreased sharply compared to the previous week. Thus, from 715,000, the volume dropped to 555,000 between April 20 and 26.
24.32% of the coins (135,000 BTC) were sent from the centralized exchanges to the unknown wallets in a total of 300 transactions. The largest amount of coins, 45,000 BTC, came from Binance.
15.32% of the coins (85,000 BTC) were sent from unknown wallets to exchange wallets in a total of 220 transactions. This trend is considered as a possible sale. The largest receiving exchange was Binance with 30,000 BTC of this total.
37.84% of the coins (210,000 BTC) were distributed between wallets of various centralized exchanges. This type of transaction is for arbitrage purposes to take advantage of price differentials between different platforms. 480 transactions were reported here. The largest exit route was from Binance to Kraken with 40,000 BTC. Second, the route from Coinbase to Binance processed 35,000 BTC.
Finally, 22.52% of the coins (125,000 BTC) were sent mysteriously between different unknown wallets. Here, Bitcoin whales made 350 transactions.
This Week’s Additional Information of Interest
As the data suggests, the arbitrage trend remains strong as the whales’ favorite activity. For the sixth week in a row, these investors are betting on moving currencies between the CEX. Below, we present other interesting data from the last 7 days.
Monday, April 22, was the day with the highest number of shipments from exchanges to unknown wallets. During that day, the whales sent 35,000 BTC towards the accumulation. Of the total of 300 transactions from exchanges to unknown wallets, 95 were operated from Binance alone. The second place of departures went to Kraken with 50 and the podium was closed by Coinbase with 40 transactions.
The day of greatest selling pressure was Sunday, April 21, when 25,000 BTC were sent from unknown wallets to exchanges. The largest recipient of transactions that week was Binance with 65, followed by Kraken and Coinbase with 40 and 30, respectively.
April 22 was also the day of largest trading between wallets of different exchanges, with a volume of 60,000 BTC.
As can be seen, Bitcoin whales maintain their commitment to arbitrage in the absence of catalysts that demarcate an upward trend for the price of the currency.
Bitcoin Forecast
According to CryptoPredictions, Bitcoin started in April 2024 at $135.300 and is predicted to finish the month at $68,596.892. During April, the maximum forecasted BTC price is $68,259.996 and the minimum price is $135.300.
The BTC Price is forecasted for today (28.04.2024) to be in the $56,609.085 – $83,248.655 price range. Bitcoin is predicted to end today at $66,598.924.
Bitcoin is predicted to start in May 2024 at $68,302.039 and finish the month at $62,350.280. During May, the maximum forecasted BTC price is $68,302.039 and the minimum price is $46,445.386.
By Leonardo Perez
