The whales moved 25,949 BTC from unknown wallets to exchanges and 21,270 BTC vice versa. However, those long-term holders transferred 16,251 BTC between crypto marketplaces and 13,607 BTC between peers.

Although there was a positive start, the crypto market faced an evident crisis over the last week. After the market capitalization of Bitcoin dropped by 10%, the Bitcoin whales continued to reduce their activity.

A distrust wave has emerged due to the crypto winter, leading to a reduction in transactions by the whales. While the price of Bitcoin has dropped by 5%, there has been skepticism in the overall market.

It is necessary to contextualize that activity to better dig into the status of the whales and the market as a whole. However, this is just a micro approach to one of the many factors that can influence the performance of BTC.

Daily Analysis of the Activity of the Bitcoin Whales

Over the last week, the Bitcoin whales moved 77,094 BTC, representing a reduction of 34.20%.

The predominant trend in the activity of those long-term holders was the introduction of liquidity into the market. They moved 25,949 BTC from unknown wallets to exchanges, representing 33.66% of the weekly total.

The second-highest trend was accumulation, as 21,270 BTC went from exchanges to unknown wallets, equivalent to 27.59% of the weekly total.

The transfer between crypto marketplaces was the third-highest trend, as the whales moved 16,251 BTC, representing 21.08% of the weekly total.

Finally, the whales moved 13,607 BTC between unknown wallets, equivalent to 17.65% of the weekly total. The crypto market has made the Bitcoin whales reduce their activity due to low profitability and continued price decline.

The Performance of Bitcoin over the Last Week

BTC is trading at USD 26,649 and has accumulated a 10.9% loss over the last week. While its trading volume is above USD 29.89 billion, its market capitalization is about USD 508.53, according to CoinGecko.

Bitcoin is about to break through the support set between USD 28,000 and USD 32,000. If the price fell further, a decline might harm the whales and miners, who are worried about the profitability of mining.

The rise in mining difficulty and the decline in the Bitcoin price for almost ten weeks have led them to disconnect their machines. The hash rate has dropped by 17% over the last few days, indicating that miners are turning off their equipment.

The set base price for mining is USD 22,000 per Bitcoin, but anything below USD 30,000 raises uncertainty, especially in North America. The decline has caused an increase in return on investment (ROI) times, discouraging miners.

The Cooling of the Crypto Market Continues

External factors like restrictive policies and bills conducted in the United States have contributed to the market cooling. This week, New York passed a moratorium banning Bitcoin mining in the state because of its energy efficiency.

Those policies may further destabilize the market, which correlates with leading market indexes like the S&P 500. That index suffered a 200-point decline during the week, indicating that the global markets collapsed.

Traditional markets suffer the effects of volatility and pessimistic news, while the US economy contracts to affect Bitcoin. The current market crisis indirectly hurts expectations and the market capitalization of Bitcoin.

Investors should monitor the behavior of the market, external situations, and the movements of the Bitcoin whales. That would allow having a partial perspective of the status of the market.

By Alexander Salazar

Bitcoin Threatens Lowest Weekly Close Since Late 2020 as Low Weekend Liquidity Exacerbates Existing Weakness.

Bitcoin (BTC) saw further losses on June 12 as thin weekend trading volumes fueled a continued selloff.

Data from CointeleGraph Markets Pro and TradingView showed that BTC/USD hit lows of $27,150 for its sixth straight day of downside.

Analyst Compares ‘Rise’ in Risk Assets to 1929

In the closing hours until the weekly close, the pair was in danger of resuming the losing streak, which had previously seen a record nine weeks of red candles in a row.

To avoid that outcome and put in a second “green” close, BTC/USD needed to gain more than $2,000 from the current spot price, which at the time of writing was $27,400.

With support levels not changing the mood thanks to thinner liquidity during weekend “after-hours” trading, analysts feared a retest of May’s ten-month lows was due.

“Well, Bitcoin failed to hold $29,300 and started to drop a little bit more. Looking to see how the $28,500 area will react,” Cointelegraph contributor Michaël Van de Poppe wrote in his latest BTC update on June 11: “If that doesn’t hold up, $26,000/24,000 on the cards.”

Amidst the ongoing talk of “capitulation” in crypto assets, others focused on the fate of highly correlated stock markets. Mike McGlone, senior commodity strategist at Bloomberg Intelligence, risk assets more broadly may already have seen peak exuberance in the past two years.

“If the stock market continues to go down, pretty much everything will have peaked,” he told Twitter followers.

“Just a normal reversal can look like a shock and the 2020-21 risk asset pump can go down in history like 1929 and 1999.”

Meanwhile, at daily lows near $27,000, Bitcoin traded closer to its “mini” May capitulation event since that day of turmoil took place at the hands of the Terra Luna implosion.

For many, the question was therefore how to know where the true macro price for Bitcoin might lie.

“If the price hits low 20,000, you’ll see most CT asking for 10k or even lower. That will be the bottom confirmation,” argued the popular IL Capo de Crypto Twitter account.

The guesses for a generational fund range as high as $27,000 to a level of $14,000 or even lower.

Ethereum Makes Key Realized Price Crossover

Meanwhile, for altcoins, the picture was more precarious.

A look at the top ten cryptocurrencies by market cap revealed daily losses heavier than BTC/USD, with some shedding more than 10%.

Ether (ETH), the largest altcoin, fell around 7% on the day, taking the spot price below the realized price for the first time since May.

Realized price refers to the combined price at which each token last moved, and its violation puts ETH at greater risk of panic-based capitulation. Bitcoin’s realized price, at around $24,000, was barely touched during the May crash.

“With the price decline over the weekend, the Ethereum market has fallen below realized price by $1,781,” GlassNode commented on an accompanying $1,781 chart.

“This means that the market has an average unrealized loss of -18.4%. The realized price of ETH 2.0 deposits is higher at $2,404, with an unrealized loss of -39.6%.”

By Audy Castaneda

The world economy will settle in a way that favors bitcoin, says Novogratz. Despite that, many companies in the industry may not recover from the current crisis.

According to American businessman Mike Novogratz, this crypto winter could end in October 2022. Since then, according to him, bitcoin will break away from stocks and become a leader again.

The founder and CEO of Galaxy Digital recently shared his thoughts during his role at the Consensus 2022 conference. He said he expected the economy could slow down enough to experience the beginning of the next cycle of digital assets.

Novogratz, an investor in bitcoin (BTC) and digital assets, is convinced that rates would be 5% in the US. For this reason, he hopes that digital assets can get decoupled.

BTC has some price correlation with traditional markets, particularly the NASDAQ tech stock index. In January of the current year, bitcoin and usual markets started running in parallel. More recently, in mid-May, the correlation with the S&P500 and NASDAQ indices was about to reach a new all-time high peak.

There is Some Optimism in the Air

The businessman says Galaxy will expand its tentacles, even in the face of the recession, in contrast with rivals like Gemini Trust Co, which are currently firing staff to survive the aggressive market. Instead, Novogratz expressed that he will keep hiring people and, according to him, there is no shortage of talent or enthusiasm in digital assets.

Novogratz acknowledged that he observes a bumpy road ahead for stock and crypto investors but still felt optimistic that there will be an expansion of digital assets acceptance and its real-world application. He referred to Bitcoin as a solid house of value that will keep its position as a real macro asset.

However, regarding the digital asset and equity markets, Novogratz is not betting on a V-shaped recovery. Instead, he foresees a mixture of market ups and downs and sideways moves until a new narrative rises about the macroeconomic scenario and Interest rates.

He said the US Federal Reserve’s interest rate hike to minimize inflation would generate setbacks and uncertainty in economic structures. He claimed that a battle waits ahead, and he is just getting ready to fight and win.

About Terra

Likewise, Novogratz also linked the collapse of the Terra blockchain, in which he and Galaxy were prominent investors, to macroeconomic factors but not project failures or flaws.

PwC’s annual global crypto hedge fund report showed Terra USD (UST) to be the third most popular stable coin among crypto hedge funds they surveyed in April 2022, or just before Terra fell. 49% of PwC respondents also traded the Luna token, which Novogratz immortalized with his tattoo.

By: Jenson Nuñez