The Bitcoin whales transferred 24,551 BTC between exchanges and 20,790 BTC from those platforms to unknown wallets. Those long-term holders moved 10,982 BTC into the market and 18,784 BTC between peers.
The price of Bitcoin (BTC) has remained in the red after falling close to USD 23,000. The activity of the whales is among the factors that may have influenced the performance of the cryptocurrency. For that reason, it is helpful to monitor their behavior, especially now as they have slowly given up their holdings.
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
When writing this article, the whales have moved 56,323 BTC through 28 transactions.
The predominant trend of the whales has been the transfer between exchanges. They moved 24,551 BTC between those platforms, representing 43.58% of the daily total.
The second-highest trend has been accumulation, as 20,790 BTC went from exchanges to unknown wallets. That amount is equivalent to 36.91% of the daily total.
The introduction of liquidity into the market has been the third-highest trend, as the whales moved 10,982 BTC, representing 19.5% of the daily total. Finally, they moved 18,784 BTC between unknown wallets, equivalent to 16.25%.
The Current Situation of the Pioneering Cryptocurrency in the Market
The market capitalization of cryptocurrencies first dropped below USD 1 trillion in early 2021. The value of Bitcoin has decreased by 16% over the last 24 hours.
In that period, the market capitalization of cryptocurrencies has fallen by around 12%. It has reached nearly USD 970 billion, according to CoinMarketCap.
The dominance of BTC rose to over 47% during the weekend. That indicates that investors have held onto the cryptocurrency and turned away from altcoins. However, the price of Bitcoin has declined for almost 12 consecutive weeks, one of its most significant falls in history.
That drop in the value of BTC occurred amid a slide in global stocks following the release of poor data from the US Consumer Price Index for May. Inflation skyrocketed to over 8.3% year on year, taking a toll on investor sentiment.
The whales have continued to have a decreasing percentage of the existing Bitcoin in the last ten years. According to Whale map, the price of BTC has broken through relevant realized supports that might become new resistances. If the downward trend continued, it would bottom out at USD 13,331.
Bitcoin is trading at around USD 22,544 and has accumulated a USD 28.1% loss over the last week. While its daily trading volume is above USD 54,12 billion, its market capitalization is about 428,69 billion, according to CoinGecko.
It is advisable to monitor the behavior of the market, external factors, and the movements of the Bitcoin whales. That would allow for a partial perspective of the situation of the cryptocurrency.
By Alexander Salazar
