Those long-term holders accumulated 50,753 BTC, equivalent to 52.56% of the weekly total. However, they only transferred 36,333 BTC from unknown wallets to exchanges and 9,475 BTC between these platforms.
Amid a market that has suffered ups and downs in recent weeks, the Bitcoin whales close the month of January with definite trends. From January 10th to 16th, those long-term holders moved a total of 96,561 BTC through 70 operations. Below are the details and the influence that this may or may not have had on BTC.
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.
Weekly Analysis of the Activity of the Bitcoin Whales
The predominant trend in the activity of the Bitcoin whales over the last week was accumulation. In that sense, they moved 50,753 BTC, equivalent to 52.56% of the weekly total. However, they did not carry out such operations during the weekend.
The second-highest trend in the behavior of the whales was the introduction of liquidity to the market. They transferred 36,333 BTC from unknown wallets to exchanges, accounting for 37.63% of the weekly total.
The transfer between exchanges, with 9,475 BTC, became the weakest trend, accounting for 9.81% of the weekly total. According to Whale Alert, it is relevant to know that there were no operations between unknown wallets over the last week.
The Performance of Bitcoin Over the Last Week
Bitcoin is trading at around USD 37,771 and has accumulated a 4.1% gain over the past seven days. Its daily trading volume is above USD 15.42 billion, and its market capitalization is about USD 715.57 billion, according to CoinGecko.
There has also been a recovery from the downward trend that took Bitcoin to USD 33,000. However, that is still insufficient for stating that there has been a definite bullish bounce in the market. There has been a constant fight that fails to break in either direction.
Intraday charts show that short-term momentum seems to be improving. However, the accumulation trend reveals that the whales are unwilling to sell their BTC holdings. In addition, there could be a pullback in the price of the pioneering cryptocurrency in the shorter term.
Some experts believe that Bitcoin could touch USD 32,000 in the coming days, as there is a lot of resistance at that level. At a technical level, indicators suggest that next week may be neutral, with the 14-day Relative Strength Index reading 39.67. However, the markers moved more towards the sell side, although the whales are yet to reflect that.
The behavior of the whales is a factor contributing to the change in the price of the pioneering cryptocurrency. For that reason, it is relevant to know what those long-term holders have done over the last week. In addition, it is crucial to remember that the performance of BTC affects the crypto market as a whole.
By Alexander Salazar
