The whales moved 185,539 BTC between unknown wallets, equivalent to 62.71% of the weekly total. However, they only transferred 45,263 BTC from unidentified wallets to exchanges and 9,192 BTC between these platforms.
In the year that has just started, there is a whole new world of possibilities for the market of the pioneering cryptocurrency. The following summary of the performance of the Bitcoin whales will allow a better understanding of how they are starting 2022.
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 many factors that can influence the performance of BTC.
The Activity of Bitcoin Whales and How they Start 2022
The Bitcoin whales have moved a total of 295,854 BTC through 102 transactions in the last week. Although some things are even more significant on a weekly basis, they operated with more BTC on December 27th.
The most prominent trend regarding moved bitcoins was the transfer between unknown wallets. The whales transferred 185,539 BTC, equivalent to 62.71% of the weekly total.
The second-highest trend was accumulation, as they moved a total of 55,860 BTC, 18.88% of the weekly total. In other words, the introduction of liquidity to the market for a possible sale has decreased, but it has not entirely disappeared.
Therefore, it is crucial to note that this was precisely the third-highest trend. The whales transferred 45,263 BTC from unknown wallets to exchanges, equivalent to 15.30% of the weekly total.
Finally, the lowest trend was the transfer between exchanges, with just 9,192 BTC, 3.11% of the weekly total. Although that context allows observing in broad strokes how the Bitcoin whales are starting 2022, it is still necessary to continue delving into it.
Understanding the Performance of Bitcoin until Now
Bitcoin is currently trading at around USD 47,436, representing a 1.5% gain in the last 24 hours. That constitutes a rebound from the downward trend occurring since late December 2021. BTC was worth close to USD 45,000 on December 31st but reached USD 48,000 in just over 21 hours.
There was a decrease in the overall volume of spot trading on leading centralized exchanges over the weekend. That indicates that no increased activity in the market supported the movement of the price of BTC.
That may have prompted the whales to stay away from markets but close enough to monitor their activity. The determining factor could be that roughly USD 8.67 billion worth of Bitcoin options contracts expired on December 31st.
The relevance of the pioneering cryptocurrency continues to be increasingly prevalent despite the current drop in its price. Bitcoin has resumed its all-time highs throughout its history, so investors maintain their trust in it. Many holders keep their coins on their balance sheets for the long term as a store of value.
It is only a matter of time before the price of BTC exceeds its previous all-time high. The whales must be waiting for that moment to sell their coins and make handsome profits.
By Alexander Salazar
