The whales transferred 104,261 BTC from exchanges to unknown wallets and 65,851 BTC vice versa. However, those long-term holders moved 50,360 BTC between the former platforms and only made peer-to-peer transfers of 23,983 BTC.
The price of BTC is dropping back to its lows of previous months, but the whales remain on the surface. The following summary shows the most significant trends in the actions of the Bitcoin whales and some interpretations of them.
The systematic sell-off that took Bitcoin below USD 30,000 has marked May amid rising inflation and extreme fear in the market. That adds to the announcements by the FED, indicating that not only the whales have affected the pioneering cryptocurrency.
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 as the BTC Price Pulls Back
Over the last week, the Bitcoin whales moved 244,445 BTC through 122 transactions.
The predominant trend was accumulation, as 104,261 BTC went from exchanges to unknown wallets, representing 42.65% of the weekly total. That is the most significant change, as the introduction of tokens into the former platforms strongly predominated in previous reports.
The second-highest trend in the activity of the Bitcoin whales was the introduction of liquidity to the market. They moved 65,851 BTC from unknown wallets to exchanges, equivalent to 26.94% of the weekly total. That tendency in the actions of the whales began to weaken from May 11th.
The transfer between exchanges was the third-highest trend, as they moved 50,360 BTC, representing 20.60% of the weekly total. Finally, those long-term holders transacted 23,983 BTC between unknown wallets, equivalent to 9.81% of the weekly total.
The Performance of Bitcoin over the Last Week
The price of Bitcoin dropped below USD 30,000 as the sell-off of bonds extended to risky assets. The dumping of the entire Bitcoin position of Luna Foundation Guard worsened that selling pressure. The non-profit organization sold around 82,000 BTC in a few days.
According to Glassnode, the course of action of the Fed may continue pressuring markets due to rising inflation and current adjustment conditions.
The connection between the S&P 500 index and Bitcoin also reached unprecedented levels. Although the whales experienced intense selling pressure in the spot and derivatives markets, they slowed in this regard from mid-week.
A significant new price level seems to be forming between USD 26,000 and USD 32,000. Uncertainty and potential setbacks would persist as the Chicago Fed’s National Financial Conditions Index suggested further tightening given the current macro environment.
Bitcoin is trading at around USD 30,504 and has accumulated a 1.5% gain over the last 24 hours. While its daily trading volume is above USD 25.00 billion, its market capitalization is about USD 582.01 billion, according to CoinGecko.
By Alexander Salazar
