The whales transferred 74,405 BTC from cryptocurrency exchanges to unknown wallets and introduced 20,638 BTC to the market. Over the last week, those long-term holders decided not to move funds between marketplaces or between peers.
While the price of Bitcoin (BTC) is around USD 16,000, the whales seem to be in an accumulation trend. The following weekly analysis shows the most prominent information about their activity and some conclusions.
It is necessary to contextualize this 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 Bitcoin whales has been accumulation. They moved 74,405 BTC from cryptocurrency exchanges to unknown wallets, representing 78.28% of the weekly total.
The second-highest trend has been the introduction of liquidity into the market, as 20,638 BTC went from unknown wallets to cryptocurrency exchanges. That amount is equivalent to 21.71% of the weekly total.
Unlike other weeks, there were no movements between cryptocurrency exchanges or between unknown wallets. Likewise, the whales decided to pause the sales of their BTC tokens. That situation leads to needing to analyze the context around the pioneering cryptocurrency.
The Current Situation of Bitcoin in the Crypto Market
Bitcoin is trading at around USD 16,586 and has accumulated a 1% gain over the last 24 hours. While its daily trading volume is above USD 19.49 billion, its market capitalization is about USD 318.74 billion, according to CoinGecko.
In 2022, the price of the pioneering cryptocurrency has varied by -64.28%, a considerable drop. However, Bitcoin did not undergo significant changes during the Thanksgiving holiday in the United States.
Although Bitcoin has been stable at around USD 16,000 for the past three weeks, it briefly dipped below USD 15,500. That happened due to fears about the future of the cryptocurrency lending company Genesis after the collapse of FTX.
However, the crypto market has remained calm after the Fed decided not to raise interest rate hikes by 75 basis points. However, several analysts say that the recent debacles might strengthen the sector, as regulators must intensify their efforts.
Most of those experts remain bearish on the prices of cryptocurrencies, at least for the short term. The uncertainty caused by the collapse of FTX and the subsequent fall of the crypto market have been the main reasons.
In that context, the Bitcoin whales stop selling but continue to acquire tokens or take them out of circulation. In either case, that situation does not determine what happens to the price of the pioneering cryptocurrency.
Amid the current bearish market, investors should research Bitcoin to know its all-time high, behavior, and possible future prices. However, it is only a matter of time before seeing where the market will take the value of the cryptocurrency created by Satoshi Nakamoto.
By Alexander Salazar
