The whales transferred 19,042 BTC from unknown wallets to exchanges and 13,270 BTC vice versa. However, those long-term holders moved 8,891 BTC between the latter platforms and made no peer-to-peer transfers.
The Bitcoin whales recently moved 41,203 BTC through 40 transactions, but their activity was lower than the previous week. The following daily analysis shows the details and the influence that this may have had on the performance of Bitcoin.
The trend in the behavior of the Bitcoin whales this month has remained unclear, as it changes a bit every week. The analysis of their activity will assess 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 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. They moved 19,042 BTC from unknown wallets to exchanges, equivalent to 46.21% of the weekly total.
The second-highest trend was accumulation, as 13,270 BTC went from exchanges to unknown wallets, representing 32.21% of the weekly total. It is relevant to note that this trend was only predominant on March 16th.
The transfer between exchanges was the third-highest trend, as they moved 8,891 BTC in that direction, representing 21.58% of the weekly total. Finally, the whales did not make any movements between unknown wallets.
The Performance of Bitcoin Over the Last Week
On March 19th, the amount of BTC in the reserves of exchanges was 2,302,930, an increase of 3,359 BTC within 24 hours. The analysis of the activity of the whales indicates the introduction of liquidity into the market, possibly preparing for selling.
The returns of BTC have decreased by 10.75% since early 2022, while they have recently dropped by 0.99%.
Bitcoin is trading at around USD 42,741 and has accumulated a 7.7% gain in the last 24 hours. Its daily trading volume is above USD 28.82 billion, and its market capitalization is about 811.71 billion, according to CoinGecko.
The trading volume of BTC on exchanges continued to decline after the rally on March 16th. In addition, the number of buy/sell orders in the futures market balanced out two days later, indicating the weekly price rally lacks conviction.
The cost of holding long BTC positions in perpetual futures traded on leading exchanges in the swaps market recently raised. That increase in the average funding rate possibly reflects bullish sentiment among investors.
The behavior of the Bitcoin whales contributes to the changes the cryptocurrency has shown. For that reason, it is crucial to know how those long-term holders have moved their BTC holdings.
News events like the announcement about the rise of interest rates by the Fed have influenced the BTC price. Investors should also stay informed about what technical indicators show about the selling trend in the market before deciding to buy.
By Alexander Salazar
