Many whales moved funds from their wallets to exchanges, helping predict that the predominant trend was selling. The number of tokens entering those platforms decreased, leading to a rise in the price of the pioneering cryptocurrency.
The most recent report on the Bitcoin whales revealed high activity between June 20th and June 26th. It registered the most activity during the first days, as they moved high amounts of BTC to exchanges. They may have done that just for the sake of selling or causing tension among investors.
The price fluctuated between USD 20,000 and USD 21,000, but the whales moved significant amounts of BTC. To have a clearer idea, those long-term holders moved 68,156 BTC only from wallets to exchanges. Meanwhile, others took advantage of the low prices to hoard even more coins, which helped stabilize the market and decrease volatility.
Data from Whale Alert and bitinfocharts allowed tracking those holders accurately. According to the latter, one of the most prominent Bitcoin whales benefited from the price drop to accumulate almost 900 BTC.
The Bitcoin Whales Accumulate and Make Transfers to Exchanges
Many Bitcoin whales have moved funds from their wallets to exchanges over the last week. Therefore, it is possible to predict that the predominant trend is the sale of coins.
Since there are 68,156 BTC on exchanges this week, 41.74% of the Bitcoin whales may be planning to sell. That means greater liquidity in the market while 21.16% of those long-term holders take advantage of the drop to accumulate.
The trend in the Bitcoin price has moved sideways as it is at an intermediate point. In other words, there is an outflow of 28,558 BTC from exchanges to wallets, equivalent to 17.49%. By adding it with the 21.16% that take advantage to accumulate, there is 38.65%.
That has essentially allowed for more stability in the market, but about 32,000 BTC units are also moving between exchanges.
The Weekly Performance and Forecast of the Bitcoin Price
The whales reduced the number of tokens entering exchanges over the last few days. That decrease in supply could lead to a rise in the price of BTC, probably making it break the USD 22,000 barrier.
However, transaction tracking only allows foreseeing what the Bitcoin whales might do. Some primary addresses, having over 8,000 BTC, belong to exchanges and investment platforms. Since they have not shown any intention to sell, they are not part of this analysis.
It is relevant to look at the movements of the following week, especially the high amount of BTC entering exchanges. That allows understanding that there have already been several significant sales but not others.
The Bitcoin whales recently accumulated 25,816 tokens, signaling the lengthening of low-volume purchases.
BTC is trading at around USD 20,920 and has accumulated a 2.0% gain over the last seven days. While its daily trading volume is above USD 18.51 billion, its market capitalization is about USD 399.14 billion, according to CoinGecko.
By Alexander Salazar
