The whales moved 11,939 BTC from unknown wallets to exchanges and 2,275 BTC between the latter platforms. However, those long-term holders accumulated 1,405 BTC and made no peer-to-peer transfers.
The Bitcoin whales recently moved 15,619 BTC through 14 transactions, maintaining the predominant weekly trend for 24 hours. The following daily analysis shows the details and the influence that this could have had on the performance of Bitcoin.
Over the last week, the Bitcoin whales have introduced BTC liquidity to the market. 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 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 Bitcoin whales was the introduction of liquidity into the market. In that regard, they moved 11,939 BTC from unknown wallets to exchanges, equivalent to 76.44% of the daily total.
The second-highest trend was the transfer between exchanges, as they moved 2,275 BTC between those platforms, representing 14.56% of the daily total.
Accumulation was the third-highest trend, as 1,405 BTC went from exchanges to unknown wallets, equivalent to 9% of the daily total. Finally, the whales did not make transfers between peers.
The Performance of the Pioneering Cryptocurrency over the Last Days
The price of Bitcoin had a pullback, dropping to close to USD 39,000. In that way, it fell from its 8% rise due to the executive order to regulate cryptocurrencies by US President Joe Biden.
The US Federal Reserve (Fed) has usually had the highest impact on cryptocurrency markets like Bitcoin. Concerning the decisions on rates by the European Central Bank (ECB), these have had little or no relevance.
However, an unexpected move by the ECB could cause a drop in the crypto market. The expectations about the tightening by the financial institution markets have recently diminished. People believe that the current war between Russia and Ukraine could lead the European economy to a recession characterized by high inflation.
The excess of expectations could revive fears of a 50 basis point rate hike from the Fed. That could put downward pressure on risky assets like cryptocurrencies. The government agency could raise rates by 25 basis points.
In that context, there has been a higher introduction of liquidity into the market by the whales than before. However, it is relevant to monitor their movements since there is always constant change.
The behavior of the Bitcoin whales contributes to the changes that the cryptocurrency undergoes. For that reason, it is crucial to know how those long-term holders have moved their BTC holdings. In addition, it is relevant to remember that the performance of the pioneering cryptocurrency significantly influences the crypto market in general.
By Alexander Salazar
