This week, Bitcoin whales’ trading volume did not experience major changes as compared to previous weeks.
This week, the trading volume of Bitcoin whales developed without major changes compared to past weeks. Large investors seem to be taking the recent bullish movements of the leading cryptocurrency patiently and are not rushing to take profits.
However, much of their funds are sent to centralized exchanges (CEX), indicating that they are alert to liquidate at any time. Among the most noticeable movements of the whales this week is the continued move away from Binance. In that sense, a significant number of coins were moved to platforms like Coinbase.
Only individual transactions of 400 BTC or more are then counted. This means that it is not a complete overview of the whale trade, but rather a very particular sector. Data was pulled from Whale Alert and WhaleBot Alerts.
Whales In No Hurry Before Bitcoin Rise
Bitcoin’s recent price rise this week did not precipitate whales’ profit-taking behavior. At the moment, the pioneering digital currency is priced at $38,782 per token. Consequently, this is a fundamental step, since it seems to remain firm above 38K, something it had not been able to do until now.
For market experts, staying in that range means that the next resistance level could be 40K. With this in perspective, the whales seem content to not sell, and the short and medium-term price outlook for the currency is also bullish.
Thus, although large holders send their coins to exchanges in large quantities, it does not mean that they have in mind to liquidate them now. It is worth adding that whales have a great influence on the price, so remaining unsettled allows the value of BTC to continue rising.
On the other hand, this could change with some shock event, since whales are not the only factors that cause price changes. If anything, Bitcoin whales remained unchanged this week. The biggest focus of movements was on inflows to Coinbase.
Coin Movement of Large BTC Holders
Although large holders refuse to take profits prematurely, that does not prevent them from staying alert. In this way, the whales considerably increased the sending to the CEX and lowered the pace of sending to the accumulation portfolios.
This week, a global 281,942 BTC was moved, accounted for from individual transactions of 400 BTC or more. Of this amount, a total of 171,316 coins were sent to the exchanges’ wallets, which represents 60.76% of all bitcoins traded in these 7 days.
At the same time, 105,609 bitcoins were sent from exchanges to accumulation or unknown wallets. This represents 37.46% of the global amount. Transfers between exchange wallets were equivalent to 1.78%.
With this background data, it is confirmed that the large Bitcoin whales are aware that a liquidation now may be premature. Wholesale and retail investors’ view on BTC is bullish, so picking up now could ruin the moment.
These weeks are being favorable for the accumulation of bitcoin by small and large investors, waiting for good news that will drive the price up. CriptoNoticias this Monday, in the weekly column “Señales”, noted the following:
“It is evident that large investors do not want to be left out of a potential revaluation of bitcoin in the coming months. And these institutional purchases, directly or indirectly, will end up impacting the price of BTC due to the simple law of supply and demand.”
By Audy Castaneda
