The Bitcoin whales transferred 17,853 BTC between exchanges and 15,029 BTC from those platforms to unknown wallets. Those long-term holders moved 17,853 BTC into the market but did not make any movements between peers.
It is helpful to monitor the activity of the Bitcoin whales during the weekend to know where they will head next. Over the last three days, they have moved more than 46,000 BTC through less than 20 transactions. Below are the details within the context of the current situation in the crypto market.
The Bitcoin whales have moved 46,098 BTC, the predominant trend being the transfer between exchanges. However, that tendency barely exceeds accumulation by just over 6%.
The Activity of the Whales as the Cryptocurrency Continues to Drop
The accounts of the whales can be the wallets of leading exchanges that only move their funds with no sale intention in mind.
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.
Analysis of the Activity of the Bitcoin Whales during the Weekend
The predominant trend was the transfer between exchanges, as the Bitcoin whales moved 17,853 BTC, representing 38.72% of the total analyzed.
The second-highest trend was accumulation, as 15,029 BTC went from exchanges to unknown wallets, equivalent to 32.60% of the total analyzed.
The introduction of liquidity into the market was the third-highest trend, as the whales moved 17,853 BTC, representing 28.67% of the total analyzed. Finally, those long-term holders did not make any movements between unknown wallets.
The Performance and Pulse of the Bitcoin Market
BTC is trading at around USD 20,614 and has accumulated a 0.7% gain over the last 24 hours. While its daily trading volume is above USD 25.19 billion, its market capitalization is about USD 392.56 billion, according to CoinGecko. So far this year, the price has had a variation of -55.60%.
During the weekend, the value of the pioneering cryptocurrency dropped to USD 17,000. Even though it bounced by over 16% to USD 20,000, it does not mean a resumption of the upward trend. However, some investors have been willingly waiting to buy BTC cheaply to make a profit in the long term.
In this context, it is possible to see that there is no marked trend in the activity of the Bitcoin whales. However, their behavior during the weekend indicates that the introduction of liquidity into the market was not massive. Depending on various factors, there might be a slowdown in selling and some accumulation.
It is recommendable to monitor the behavior of the market, external factors, and the movements of the Bitcoin whales. That would allow having an overall perspective of the situation of the price of the cryptocurrency. Researching before investing in any asset is always a good idea to reduce the possibility of losing money.
By Alexander Salazar