The whales transferred 348,183 BTC between peers and 36,028 BTC from exchanges to unknown wallets. Those long-term holders introduced 23,252 BTC into the market and moved 1,002 BTC between crypto marketplaces.
Less than two months before the end of 2022, the behavior of the Bitcoin (BTC) whales indicates clear trends. The following weekly summary shows the most prominent information on their activity and some conclusions.
It is necessary to contextualize that activity to better dig into the status of the whales and the overall market. However, this is just a micro approach to one of the many factors that can influence the performance of BTC.
Weekly Analysis of the Activity of the Bitcoin Whales
Over the last week, the predominant trend in the activity of the whales has been the transfer between unknown wallets. They moved 348,183 BTC, which represents 85.24% of the weekly total.
Although it is quite a lot, it might be a cryptocurrency exchange like KuCoin or Binance rebalancing its wallets. In early November, there were four transactions of 50,532 BTC and another three of 23,542 BTC each.
The second-highest trend has been accumulation, as 36,028 BTC went from cryptocurrency exchanges to unknown wallets. That amount is equivalent to 8.82% of the weekly total.
The introduction of liquidity into the market has been the third-highest trend, as the whales moved 23,252 BTC. That represents 5.69% of the weekly total.
Finally, the weakest tendency has been the transfer between cryptocurrency exchanges, as they moved 1,002 BTC. That amount is equivalent to 0.25% of the weekly total.
Therefore, the whales moved a total of 408,465 BTC through 43 transactions. The accumulation trend in the previous week indicated that around 120,000 whales hoarded around 19,000 BTC.
The Current Situation of Bitcoin in the Crypto Market
Meanwhile, Bitcoin is trading at around USD 20,753 and has accumulated a 2.6% loss over the last 24 hours. While its daily trading volume is above USD 356.18billion, its market capitalization is about USD 398.47 billion, according to CoinGecko.
The price of Bitcoin reached a seven-week high following a better-than-expected jobs report showing the robustness of the labor market. That happened despite the efforts of the US Federal Reserve (Fed) to cool the economy. That information gave rise to a wave of volatility that became positive for risk assets like BTC.
Over the last two weeks, the Fed has shown interest in raising rates to lower inflation and overall macroeconomic uncertainty. That situation has caused the S&P 500 and Nasdaq-100 indexes to drop further while Bitcoin rose.
Although many believe that what happens in traditional markets does not affect BTC, that is not the case 100%. The whale market seems neutral despite a wink of uncertainty to the upside.
The whales seem to remain a majority, as 64% of Bitcoin holders have kept their holdings for over a year. It is only a matter of time before seeing what surprises the pioneering cryptocurrency will bring before 2022 ends.
By Alexander Salazar
