There were four transfers for 15,047 BTC and another four for 10,158 BTC between unknown wallets on the first day. Those amounts reappeared on the following day when 15,047 BTC and another for 10,158 BTC went to exchanges.
As the end of 2021 approaches, it is helpful to analyze how the Bitcoin whales are closing the year. The following analysis shows their performance, and that of the market as a whole, in 48 hours.
Between December 27th and 28th, the Bitcoin whales moved 131,709 BTC through 18 transactions. They added 106,504 BTC only on the first day, but with some peculiarities explained below. On the second day, two movements totaled 25,205 BTC.
The predominant trend seems to have been the transfers between unknown wallets, which reached 110,978 BTC. That was equivalent to 84.26% of the total in 48 hours. However, on December 27th, there were eight transactions of that type: four for 15,047 BTC and another four for 10,158 BTC.
On December 28th, those amounts reappeared, but in a different direction, since 15,047 BTC went from an unknown wallet to an exchange, suggesting a sale. Meanwhile, the figure of 10,158 BTC was repeated, thus completing two operations.
During that period, the accumulation remained behind, with 3,684 BTC moving from exchanges to unknown wallets through six transactions. Finally, there was only one operation between exchanges for 1,000 BTC.
Understanding the Performance of Bitcoin Before the End of the Year
Bitcoin is closing the year with a rise of 70.24%, having experienced turmoil and volatility. A proof is that it lost about 7.54% in only 24 hours, reaching USD 47,830, and even so, its progress was impressive.
A new all-time high and bullish race has occurred amid the continuation of the crisis due to the COVID-19 pandemic. Those who own Bitcoin or any other cryptocurrency will remember this year for the innovations and the regulations in China.
According to Glassnode, 2021 seems a year to describe as a macro consolidation, with a high but volatile time frame. Besides, long-term holders added 1.84 billion BTC to their holdings, while the supply of short-term holders dropped by 1.42 billion BTC.
The total revenues of miners have increased by 58% this year and by more than 440% since the halving in May 2020. That indicates a certain tendency to retain BTC, although the recent correction of the all-time high has moved lower. An increasing proportion of the supply also became an unrealized loss.
Other Details to Keep in Mind as the End of the Year Approaches
This year, there has been little net change in the balance on exchanges. Their reserves have gone from 2.62 billion BTC at the beginning of the year to 2.56 billion BTC. According to Glassnode, that represents a net decrease of 67.8 thousand BTC, a reduction of only 2.5% from the initial balance.
Over the last week, there has been another reversal from net outflows into net inflows. In the short term, watching that would allow seeing whether the trend declines or grows as the New Year approaches.
The Bitcoin whales are the addresses with the highest amounts of BTC under their belt. For that reason, that is usually the first place where to monitor those outflows and inflows of funds on exchanges.
By Alexander Salazar
