This past week, Bitcoin Whales maintained a currency trading volume of over 450,000 bitcoins.
Cryptocurrency whales are individuals or organizations that hold a large amount of currency or a collection of non-fungible tokens.
This week, the large Bitcoin holders, or whales, kept roughly the same trading volume shown in the previous week’s report. However, the magnitude of movements in the different directions experienced an important variation.
This week, the price of the major digital currency reached 12-month highs and whales may be on the lookout for profit-taking. It all depends on what the behavior of the price is during the next days. The truth of the matter is that, during this week just ended, the whales sent more coins to the centralized exchanges (CEX).
This analysis includes only individual transactions of 400 BTC or more, according to the data provided by Whale Alert and WhaleBot Alerts, and is interpreted based on the classic method of tracking whales. All data is public and can be verified on the network.
Bitcoin Whales with Relatively Even Movements
Although the Bitcoin whales roughly preserved the trading volume from the previous week, the same was not true of the distribution. The number of bitcoins moved to CEXs was overwhelmingly higher than coins sent to accumulation wallets.
However, there is an element that cannot be overlooked. On Monday, an unknown address sent a staggering 115,177 bitcoins to Binance. That transaction completely upset what would have been close to 50-50 ratio between shipments to unknown wallets and to CEXs.
Be that as it may, that huge transaction counts and increases the percentage of movements towards the exchanges, that is, towards the possible sale. It should not be forgotten that shipments to the CEX are not necessarily currencies that will be settled. A part of them goes to the financial options offered by these platforms.
Therefore, the week closed with good news, at least for Binance. As for the Bitcoin whales, broadly speaking, they held the trade amount from last week. For much of the year, weekly volume rarely exceeded the total of 300,000 coins. Now, for two consecutive weeks, it is above 450,000.
This is How It Was Traded This Week
Last week there were several individual transactions of 400+ BTC from wallets of one exchange to another. Additionally, there were larger movements between unknown portfolios than usual.
In any case, a total of 451,903 bitcoins moved during the week, of which 294,234 BTC were sent to CEXs, mainly Binance. This figure represents a bulky 65.11% of the total, which contrasts with the 57.52% of the immediately previous week.
On the other hand, the coins directed to the unknown or accumulation portfolios totaled 142,552 bitcoins. This is equivalent to 31.54%, which pales in comparison to the 41.04% of the previous week.
Meanwhile, shipments between CEX’s own portfolios marked 2.97% or 13,417 bitcoins. Movements between unknown wallets totaled 1,700 BTC, which is equivalent to 0.38% of the weekly total. These last two fields are of little relevance when it comes to influencing the price of BTC.
With this in perspective, it can be said that Bitcoin whales seem more willing to trade, which would be a sign that the market is in an uptrend.
By Audy Castaneda
