The whales transferred 25,086 BTC from unknown wallets to exchanges while moving 14,888 BTC in the opposite direction. Most transactions occurred at a price between USD 41,000 and USD 41,500, but there could be a pullback towards USD 38,500.
The Bitcoin whales introduced capital into the market during the second week of February, amid moderately quiet activity. Those long-term holders moved a total of 64,885 BTC through 62 transactions in that period.
In contrast to the previous week, there has been a very significant increase in the activity of the whales. The following summary explains the details and the influence that this may or may not have on the pioneering cryptocurrency.
Contextualizing the activity of the whales makes it easier to investigate their status and that of the whole market. The following data is just a micro approach to one of the factors that can influence the performance of BTC.
A Summary of the Activity of the Bitcoin Whales
During the second week of February, the most prominent trend was the introduction of liquidity to the market. The whales moved 25,086 BTC from unknown wallets to exchanges, equivalent to 38.68% of the weekly total.
The second-highest trend was accumulation, as 14,888 BTC passed from exchanges to unknown wallets, representing 22.96% of the weekly total.
The transfer between exchanges was the third-highest trend, as the whales moved 13,881 BTC, equivalent to 21.40% of the weekly total. Finally, there was only one operation for 11,000 BTC between unknown wallets, representing 16.96%.
The Performance of Bitcoin over the Last Week
Bitcoin is trading at around USD 44,241 and has accumulated a 4.2% gain in the last 24 hours. Its trading volume is above USD 20.89 billion, and its market capitalization is about USD 838.78 billion, according to CoinGecko.
The price of the pioneering cryptocurrency recently fell due to major international events. For example, US President Joe Biden called on Americans to leave Ukraine immediately. Furthermore, he warned that an invasion of the Eastern European country could start at any time. For the time being, the United States has ruled out sending troops despite the military activities of Russia.
Cryptocurrency analyst Jason Pagoulatos from Delphi Digital said that the highest number of BTC transactions occurred at a price between USD 41,000 and USD 41,500. However, he explained there could be a pullback towards USD 38,500 if the price breaks below that level.
The above scenario has led the Bitcoin whales to decrease their accumulation gradually. They do not seem very convinced the value of the leading cryptocurrency will recover any time soon.
Various factors have affected the price of Bitcoin in the last four months, causing its price to drop significantly. However, the cryptocurrency has already been through other crises in the past, exceeding its previous all-time highs. Renowned analysts such as Willy Woo have predicted that its price might reach USD 100,000 in 2022.
By Alexander Salazar
