A new week for the cryptocurrency market ends, with abundant and interesting news. Below are the details of the large holders, also known as Bitcoin whales.
Bitcoin whale fund movements are quite significant to the exchange value of Bitcoin. However, with the growing maturity of the currency and its increased market capitalization, they have less and less weight.
For the purposes of this report, individual transactions of 400 BTC or more are counted. Meanwhile, the figures come from the Whale Alert sites and the Telegram bot WhaleBot Alerts. All data presented is public and can be easily verified online.
Bitcoin Whales Hoard Billions of Dollars of BTC in 2024
Before moving on to the details of the report, it is pertinent to highlight the most recent behavior of Bitcoin whales.
A week ago, data from on-chain intelligence tracker Santiment was released, revealing that whales have engaged in the highest level of activity seen in 20 months. Large portfolio investors are independent of massive inflows into the spot Bitcoin ETF and there has been a significant shift in the supply of Bitcoin held by different cohorts of whales.
Bitcoin whales holding between 1,000 and 10,000 BTC in their portfolios added $12.95 billion of the asset in 2024. The cohort holding between 100 and 1,000 BTC in their portfolio reduced their values by $7.89 billion.
With Bitcoin recovering above the $52,000 level in recent days, there has been an uptick in whale transactions valued at $100,000 or more, as seen on Santiment.
Bitcoin Whales in a Quieter Week
This week’s report on Bitcoin whales shows a significant decline in the trading of these investors. Compared to the previous week’s data, not only was there less movement, but the balance of shipments was also a little balanced.
Whale analysis is done on how much and where the coins are sent. If there is a greater number of BTC being sent from unknown wallets to exchange wallets or the other way around, the result will change. In the first case, the environment is bearish or at least stagnant, while in the second case it is bullish.
The way of reading whale behavior is also complemented by the Bitcoin-related environment. When there are large whale movements, the price of Bitcoin tends to react. However, it is more common for whales to react according to the direction the Bitcoin price takes.
Taking these factors into account, the figures for the whales’ currency movements during the week are reviewed below. The relationship remains slightly in favor of transfers from unknown wallets to exchange wallets.
This is How Large Holders Moved Their BTC
The Bitcoin price, despite some noticeable movements, managed to stay above the $50,000 per coin range. This allowed whale trading volume to be a little calmer compared to the previous week’s numbers.
Thus, a global 341,639 BTC were moved this week in individual transactions of 400 bitcoins or more. Of this amount, a total of 185,252 coins were sent to the exchanges’ wallets, that is, towards the possible intention of sale. This represents 53.35% of all currencies traded in the week.
At the same time, a total of 151,320 bitcoins were sent from exchanges to accumulation or unknown wallets. This is equivalent to 44.29% of the total and a partial increase compared to the percentage sent to that type of portfolios last week. Likewise, 5,067 BTC moved between the exchanges’ wallets, which is equivalent to 1.48% of the total.
Based on the data analyzed, it can be said that Bitcoin whales are once again entering a position of expectation.
By Audy Castaneda
