The whales moved 51,561 BTC from exchanges to unknown wallets and 30,769 BTC vice versa. However, those short-term holders transferred 7,475 BTC between the former platforms and 3,320 BTC between peers.
The Bitcoin whales have recently moved 93,125 BTC through 40 transactions, with significant trend reversals. In early March, the introduction of liquidity in the market prevailed, but that is not the case at the moment. The following weekly analysis shows the details and the influence that the whales may have had on the performance of Bitcoin.
Over the last week, the Bitcoin whales have withdrawn BTC liquidity from the market after March 10th. The analysis of their activity will allow assessing in detail how those long-term holders have moved the pioneering cryptocurrency.
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 only a micro approach to one of the many factors that can influence the performance of BTC.
Weekly Analysis of the Activity of the Bitcoin Whales
The predominant trend in the activity of the Bitcoin whales in the last week was accumulation. In that regard, they moved 51,561 BTC from exchanges to unknown wallets, equivalent to 55.37% of the weekly total.
The second-highest trend in the behavior of the whales was the introduction of liquidity to the market. They moved 30,769 BTC from unknown wallets to exchanges, representing 33.04% of the weekly total. That trend prevailed earlier in the week when the market struggled to prevent Bitcoin from pulling back.
The transfer between exchanges was the third-highest trend, as the whales moved 7,475 BTC, equivalent to 8.02% of the weekly total. Finally, those long-term holders transferred 3,320 BTC between unknown wallets, representing 3.57%.
On March 11th, a whale moved 24,000 BTC through an over-the-counter (OTC) transaction. However, that operation seems not to have affected the performance of Bitcoin much.
The Performance of Bitcoin Over the Last Seven Days
Bitcoin is trading at around USD 38,722.99 and has accumulated a 0.85% loss over the last week. That means there was also a pullback after the attempt to break above USD 42,500 and hold above it.
Although the highest trend of the Bitcoin whales in the last week was accumulation, there was another pullback. The vote of the parliamentarians of the European Union (EU) for a regulation that would ban Bitcoin could be one of the reasons.
An update in the draft law seeks to limit cryptocurrencies due to the intensive use of energy to mine them through the Proof-of-Work (PoW) method. Although the vote remains close, a slim majority of committee members may vote against the measure.
Monitoring technical indicators and news like the vote of the EU Parliament allows predicting what could happen with BTC. Several technical indicators indicate a weekly and daily selling trend in the market. In addition, investors should stay informed about what is happening in the cryptocurrency market before deciding to buy.
By Alexander Salazar
