The whales transferred 58,410 BTC from unknown wallets to exchanges and 26,228 BTC vice versa. Those long-term holders moved 14,034 BTC between the former platforms but did not make any peer-to-peer transfers.
Over the last week, the whales have moved 98,672 BTC through 65 transactions. Those long-term holders seem to be rapidly selling their holdings as the value of Bitcoin has dropped below USD 30,000. The following analysis shows the details and the influence that this activity may have had on the price.
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.
Daily Analysis of the Activity of the Bitcoin Whales
The predominant trend in the activity of the Bitcoin whales was the introduction of liquidity into the market. They moved 58,410 BTC from unknown wallets to exchanges since early in the week, equivalent to 59.19% of the total.
The second-highest trend was accumulation, as 26,228 BTC went from exchanges to unknown wallets, representing 26.58% of the total.
The transfer between exchanges was the third-highest trend, as they moved 14,034 BTC, equivalent to 14.22% of the total. Finally, those log-term holders did not make any transactions between unknown wallets.
Correlation between the Activity of the Whales and the Performance of Bitcoin
Bitcoin is trading at around USD 30,291 and has accumulated a 4.6% gain over the last 24 hours. While its daily trading volume is above USD 29.56 billion, its market capitalization is about USD 576.99 billion, according to CoinGecko.
The short-term realized volatility of Bitcoin remains high as its price struggles to stay at the USD 30,000 level. Meanwhile, its implied volatility based on the expectation of market movement over a week recently rose. Price action might remain choppy as traders react to macro risk and turmoil in the stablecoin market.
The whales seem to want to derive the most benefit from their tokens, but that may have a limit. Data from the on-chain analysis platform Skew indicates that the options market puts the probability of BTC trading above USD 25,000 in June at 66%.
Other Signs of the Behavior of the Bitcoin Whales
Data on the options market shows higher demand for put options than call options. In other words, traders actively hedge the risk that prices will continue to drop.
Over the last two months, the 50-day moving average of the relationship between the purchasing volume and the selling volume has decreased. In that case, the activity of the Bitcoin whales would also reflect the persistent selling pressure.
Other factors have affected the price of Bitcoin and other cryptocurrencies in the last few months. The conflict between Russia and Ukraine led the Unites States and the European Union to sanction BTC holders from the Eurasian country. Amid a bearish trend, the creation of Satoshi Nakamoto has dropped by 56,2% from its all-time high above USD 69,000.
By Alexander Salazar
