The whales transferred 30,904 BTC from unknown wallets to exchanges and 21,004 BTC vice versa. However, those long-term holders moved 17,266 BTC between the latter platforms and only made peer-to-peer transfers of 17,266 BTC.
Over the last week, the Bitcoin whales have moved 71,074 BTC through 38 transactions. The following daily analysis shows the details and the influence that this may have had on the price of Bitcoin.
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
The predominant trend in the activity of the whales was the introduction of liquidity into the market. They moved 30,904 BTC from unknown wallets to exchanges, equivalent to 43.48% of the weekly total.
The second-highest trend was accumulation, as 21,004 BTC went from exchanges to unknown wallets, representing 29.55% of the weekly total. It is relevant to note that this trend was insignificant during the weekend.
The transfer between exchanges was the third-highest trend, as they moved 17,266 BTC, equivalent to 24.29% of the weekly total. Finally, the whales only moved 1,900 BTC between unknown wallets, representing 2.67%.
The Performance of Bitcoin over the Last Week
The amount of BTC in the reserves of exchanges has been in the red throughout the last week. On April 5th, BTC was trading at USD 47,600, but it is currently worth around USD 42,025, a 15.21% loss.
The largest cryptocurrency by market capitalization ignored a brief rally on April 10th to settle below its USD 42,500 level of April 8th.
That setback has occurred amid growing economic uncertainty due to the invasion of Ukraine by Russia and the imminent interest rate hikes by the Fed.
BTC might remain under pressure until significant momentum takes the price above USD 48,000. The recent performance of the cryptocurrency has coincided largely with leading stock markets, which have also dropped.
For example, on April 8th, the tech-focused Nasdaq Composite Index closed down by more than a percentage point. The S&P 500 and the Dow Jones Industrial Average also fell as investors processed various historical events that could drive the global economy into recession.
For those reasons, BTC may need a catalyst to maintain upward momentum, like more interest rate hikes and monetary policy changes. The whales may have introduced liquidity into the market as they may want to collect profits from the rise in BTC. They might be worried that its price could go even lower in the coming days.
Bitcoin is trading at around USD 40,356 and has accumulated a 1.7% loss over the last 24 hours. Its daily trading volume is above USD 31.69 billion, and its market capitalization is about USD 762.25 billion, according to CoinGecko.
By Alexander Salazar
