Those whales moved 41,290 BTC from exchanges to unknown wallets and 17,948 BTC vice versa. However, those long-term holders accumulated 17,553 BTC and transferred 15,607 BTC between peers.
The Bitcoin whales have moved 91,858 BTC through 44 transactions, a significant increase in the activity from the previous week. The following analysis shows the details and the influence that may have had on the performance of the cryptocurrency.
Over the last seven days, the Bitcoin whales have steadily introduced BTC liquidity into the market. The analysis will allow assessing that in detail by providing data on what those long-term holders have done.
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 the introduction of liquidity into the market. In that regard, they moved 41,290 BTC from exchanges to unknown wallets, equivalent to 44.94% of the weekly total.
The second-highest trend in the behavior of the whales was the transfer between exchanges. They moved 17,948 BTC between those platforms, representing 19.53% of the weekly total.
Accumulation was the third-highest trend, as 17,553 BTC went from exchanges to unknown wallets, equivalent to 19.10% of the weekly total. Finally, the whales made transfers between peers, as they moved a total of 15,607 BTC, representing 16.99%.
The Performance of Bitcoin over the Last Seven Days
Bitcoin is trading at around USD 39,739 and has accumulated a 3.2% gain in the last seven days. Its trading volume is above USD 22.37 billion, and its market capitalization is about USD 753.88 billion, according to CoinGecko.
Since last weekend, the market capitalization of all cryptocurrencies has dropped to USD 1.5 trillion. When Russia launched a military attack against Ukraine, it lost nearly 9% in a day.
The growing tension over the war between Russia and Ukraine put pressure on risk assets. The fall in the price of cryptocurrencies indicates that the sector is still in its infancy compared to traditional markets.
However, metrics from Glassnode reveal that investors continue to hold Bitcoin in the long term. Another factor that could influence the leading crypto asset is that the Fed has not talked about the effects of the invasion against Ukraine. They have not said whether the US central bank abandoned its plan to raise interest rates by at least 25 basis points in March.
The behavior of the whales contributes to the changes that the pioneering cryptocurrency undergoes. Therefore, it is crucial to know what those long-term holders have done in the last seven days. Also, no one should forget that the performance of BTC significantly influences the crypto market in general.
The changes in the price of Bitcoin have a crucial effect on the crypto market as a whole, which investors do not overlook. The conflict between Russia and Ukraine has contributed to the drop in the value of cryptocurrencies.
By Alexander Salazar
