This week, the Bitcoin whales increased the volume of coin trading considerably, as compared to the previous week.
Over the past 7 days, Bitcoin whales are up 47.35% in trading volume compared to the week immediately prior. This is a positive sign since it improves the prospect of stability of the digital currency despite the complex circumstances.
The week ending June 11, amid the SEC’s crackdown on exchanges, the whales maintained a high average number of shipments to those platforms. In fact, more than 63% of all shipments back then were made to CEXs. This week, the percentage evened out slightly, but the volume picked up.
The latter says good things about the state of crypto market trading. On the other hand, it should not be forgotten that for this report only individual transactions of 400 BTC or more are taken. Likewise, the data used was taken from Whale Alert and WhaleBot Alerts. These data are public and can be verified online.
Increased Trade Volume by Bitcoin Whales
The fact that the Bitcoin whales increased the number of coins moved this week is of singular importance. This comes at a time when the crypto market needed more stability amid conditions that typically cause volatility.
In fact, during the last few days, the price of the pioneer digital currency threatened to lose the support of 25K. However, it was able to hold out, at least for the moment, and made up much of the lost ground. During the last 7 days, the growth of the value of BTC is almost +3%.
One aspect that helped the price after the SEC shakeup was BlackRock’s decision to apply for a Bitcoin spot ETF. That move by the powerful fund manager restored investor confidence. Although the regulatory agency is unlikely to approve the application, BlackRock’s interest means a lot.
So far, the price of digital currency moves in an indeterminate way. According to VipTrader, on the downside, the price could go back to 25K. At the other extreme, it is difficult for it to reach 30K in the medium term.
This cautious sentiment, though, appears not to be shared by the Bitcoin whales, which have rallied significantly in volume this week.
BTC Movements This Week
Bitcoin whales seem unwilling to let trading in digital currencies cool off. This week, those big holders moved 47.35% more coins than the week before. It is worth mentioning that transactions between 400 and 600 bitcoins were abundant, making up for the evidently strong movement during the first half of the week. Then large transactions predominated.
This week the high amount of 485,000 BTC, added exclusively in individual transactions of +400 BTC, was traded. Out of that amount, a total of 278,956 coins were sent to the wallets of centralized trading platforms or exchanges. This represents 57.52% of all movements made during the week.
On the other hand, a total of 199,046 bitcoins moved towards unknown portfolios, that is, accumulation. This represents 41.04% of all the coins moved in the week. The remaining 1.44% or 6,998 BTC moved between exchanges, which makes it possible to guess that there was some arbitrage movement.
The fact that the Bitcoin whales increased the volume of trade is presented as a large sign of the spirit in the market. It should not be forgotten that whales are not the only element that impacts the price of BTC.
By Audy Castaneda
