This week, Bitcoin whales maintained the pace of the previous week despite crackdowns by the SEC.
Amid the US Securities and Exchange Commission (SEC) crackdown on major cryptocurrency exchanges, Bitcoin whales have maintained a steady stream of shipments to centralized exchanges (CEXs).
Despite the expectations, the trading activity of these large Bitcoin holders was almost identical to that of the previous week. This suggests that the whales are not centralized in the US, and are using their ability to move to other exchanges.
Either way, these investors are unwilling to change their plans because of the regulators’ crackdown on trading firms. Data presented here was taken from Whale Alert and WhaleBot Alerts. Their interpretation was carried out by means of the classical method of whale analysis. All numbers are public and available on the web.
Bitcoin Whales Keep Pace Despite Regulatory Measures
The SEC’s aggressiveness against the two largest CEXs in the world was supposed to cause a stir. However, the Bitcoin whales kept their pace as if nothing had happened.
Something similar, although not as marked, happened with the Bitcoin price. Despite the coin having a negative record of -5.25% for the last 7 days, there was no crash. It should be noted that crypto trading is strongly tied to exchanges.
Since 2017, centralized platforms have become mainstays for buying and selling virtual currencies. The SEC’s drawn aggression against these companies was supposed to cause a setback in market stability, judging by the slump after the FTX crash. The reality, though, is that almost a week after the events, the price remains above the 25K support.
Not only is it that the Bitcoin whales maintained a constant pace, but it points to most movements precisely towards the CEX.
Bitcoin Whale Activity During the Week
Last week, large investors moved a total of 229,662 BTC, from which 145,999 bitcoins were sent to the exchanges, representing 63.57% of all the coins transacted in operations of +400 BTC.
On the other hand, 80,863 bitcoins, equivalent to 35.21%, were sent to accumulation wallets. Furthermore, 2,800 BTC, or 1.22% of the total, was transacted between exchanges, suggesting that arbitrage activity was also present.
It is important to note that this analysis of the movement of Bitcoin whales is a limited sample. In other words, it only covers a part of the movements of the whales and not all of their transactions.
The Crypto Community and the SEC
The crypto community seems to display an attitude of “irrelevance” towards the actions of the SEC. Despite regulatory crackdowns against Binance and Coinbase, the two largest platforms, Bitcoin Whales kept up a steady stream of shipments to CEXs.
On Monday and Tuesday, when the SEC took action against both platforms, the Bitcoin whales sent a total of 75,569 bitcoins to the CEX only in transactions of +400 BTC. This represents 51% of all coins sent to exchanges for the entire week.
Bitcoin Whales and the Future of Regulation
The actions of Bitcoin whales over the past week suggest that these large investors are unwilling to change their plans due to regulatory measures.
Despite the SEC’s actions, the Bitcoin whales have maintained a steady flow of shipments to CEXs, demonstrating their resistance to regulatory measures and their confidence in the future of the crypto market.
By Audy Castaneda
