The whales transferred 99,206 BTC from cryptocurrency exchanges to unknown wallets and 98,026 BTC vice versa. Those long-term holders moved 11,899 BTC between peers and 2,899 BTC between crypto marketplaces.
Although the crash of FTX continues to affect the crypto market, the whales of Bitcoin (BTC) maintain unexpected trends. Over the last week, those long-term holders have accumulated less as the progress of BTC seems to recede.
Meanwhile, regulators from many countries have met to discuss tighter regulations on the crypto market and the mining business. The FTX case has affected the entire crypto market, causing fear among those who have invested in Bitcoin.
It is necessary to contextualize that activity to better dig into the status of the whales and the overall crypto market. However, this is just a micro approach to one of the many factors that can influence the performance of BTC.
Weekly Analysis of the Activity of the Bitcoin Whales
Over the last week, the predominant trend in the activity of the Bitcoin whales has been accumulation. However, they only moved 99,206 BTC from crypto exchanges to unknown wallets, representing 46.79% of the weekly total.
The second-highest trend has been the introduction of liquidity into the market, as 98,026 BTC moved from unknown wallets to cryptocurrency exchanges. That amount is equivalent to 46.23% of the weekly total.
The transfer between unknown wallets has been the third-highest trend, as they transferred 11,899 BTC. That represents 5.61% of the weekly total.
Finally, the weakest trend has been the transfer between cryptocurrency exchanges, as the whales only moved 2,899 BTC. That amount is equivalent to 1.36% of the weekly total.
The Current Situation of Bitcoin in the Crypto Market
Meanwhile, Bitcoin is trading at around USD 16,733 and has accumulated a 0.8% loss over the last 24 hours. While its daily trading volume is above USD 18.01 billion, its market capitalization is about USD 321.10 billion, according to CoinGecko.
Since January, the price of Bitcoin has fallen by around 63.49% amid prominent world events. Over the last week, the rapid collapse of the cryptocurrency exchange FTX affected the entire crypto market.
That situation recently caused cryptocurrency-exposed stocks to tumble, reversing the previous modest rebound. In addition, that affected the progress that Bitcoin made seven days ago.
On the other hand, Bitcoin investors have moved coins they had not touched for years. The price might drop to USD 15,000 as medium-term holders send their holdings to cryptocurrency exchanges.
Over the last week, the gap between accumulation movements and the introduction of liquidity into the market has been short. Therefore, the outlook for the pioneering cryptocurrency in the next seven days does not look optimistic.
Investors should research Bitcoin or any other cryptocurrency before buying it to learn about its all-time high, behavior, and possible future price. That will help them make better trading decisions and reduce the risk of losing money. It is a matter of time before seeing where the market will take the pioneering cryptocurrency.
By Alexander Salazar
