The Bitcoin whales transferred 27,878 BTC from unknown wallets to exchanges and 22,649 BTC between crypto marketplaces. Those long-term holders moved 19,559 BTC from the latter platforms to private addresses but did not make any transactions between peers.
The Bitcoin whales have been quite active since the start of the second half of 2022. Those long-term holders have moved at least 70,086 BTC since July 1st. This analysis of the trends of the Bitcoin whales considers the recent events in the cryptocurrency market since the beginning of July.
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.
The Activity of the Bitcoin Whales since the Start of July
After monitoring the whales, it is possible to determine they have moved over 70,000 BTC since the beginning of July. However, the predominant trend in their activity has been the introduction of liquidity into the market.
Since the first day of the month, the Bitcoin whales have transferred 27,878 BTC from unknown wallets to exchanges. That represents 39.64% of the total moved in the given period.
The second-highest trend was the transfer between exchanges, as the whales transferred 22,649 BTC, representing 32.31% of the total analyzed.
Accumulation was the third-highest trend, as 19,559 BTC went from exchanges to unknown wallets, equivalent to 27.90% of the total analyzed. Finally, those long-term holders did not make any transactions between peers since the beginning of July.
The Current Situation of the Pioneering Cryptocurrency in the Market
The price of BTC dropped below USD 19,000 on June 30th after the US Securities and Exchange Commission (SEC) rejected two spot Bitcoin ETFs. There was also a rebuke for troubled cryptocurrency hedge fund Three Arrows Capital and the latest dismal economic indicators.
While the trading of other cryptocurrencies has been flat, the price of Bitcoin maintains its new support above USD 19,000. Although the value of BTC has recovered a bit afterward, it is still a tough week for the pioneering cryptocurrency.
During this crisis, it is notable that the whales seem to accumulate their tokens, waiting for at least a rally or stabilization. Those who advocate using Bitcoin as a store of value consider that it will increase its price in the long term.
BTC is trading at around USD 20,288 and has accumulated a 6.1% gain over the last seven days. While its daily trading volume is above USD 19.13 billion, its market capitalization is about USD 385.43 billion, according to CoinGecko.
It is recommendable to monitor the behavior of the market, external factors, and the movements of the Bitcoin whales. That would allow having an overall perspective of the situation of the price of the cryptocurrency. Researching before investing in any asset is always a good idea to reduce the possibility of losing money.
By Alexander Salazar
