Bitcoin whales have come down from the high volume of trading they displayed in June.
This week, the Bitcoin whales pulled back from the strong pace of trading that they displayed over the previous three weeks. However, the average trend of remittances to centralized exchange (CEX) wallets remained largely intact.
In addition, the price of Bitcoin closed above $30,000 per coin for another week, while analysts remain divided. BlackRock’s effect on the major currency appears to be holding up, especially considering Larry Fink’s constant flirtations with the currency. The BTC price seems not to advance and that probably influenced the mood of the whales.
The results based on the sum of bitcoins traded in transactions of 400 BTC or more are analyzed below, considering data from Whale Alert and the WhaleBot Alerts Telegram bot. which can be verified online.
To recall, there are four possible types of Bitcoin whale fund movements. These are: orders from exchanges to unknown wallets (accumulation), between unknown wallets, from unknown wallets to exchanges (possible liquidation), and between exchange wallets.
Only two of the abovementioned movements have a significant aspect in the price of the cryptocurrency. These are accumulation and possible liquidation. The word “possible” is used since not all transactions to exchanges are for the purpose of selling. Despite this, all sales originate from the transfer to the exchanges.
The Slowdown of Bitcoin Whales
Bitcoin whales slowed down their trading pace this week, which coincides with the price movements of the pioneering digital currency. During the month of June, large holders moved large amounts of coins to take advantage of the bullish movement.
However, stagnation gripped the market and again the big traders slowed down. During this week, the difference in the number of coins moved was noticeable compared to the previous three weeks.
In fact, the average number of bitcoins moved during the last 3 weeks is 430,545 BTC per week. This means that the decrease of this first week of July with respect to that average is -40.43%.
Said figure shows how sensitive the timing of the trading mood of the Bitcoin whales is with the price. The value of the coin, since the early June boost, was stuck at 30k. Since then, as shown in the graph above, the trade volume for whales began to decline markedly for four straight weeks until the past week.
Whales’ Movement This Week
Taking into account that the Bitcoin whales slowed down their trading, it can be said that this is a clearly drawn trend. The week just beginning is likely to show a magnitude similar to this, of course depending on what happens with the market.
In any case, this week, the whales moved a total of 174,059 BTC. Of that amount, 100,999 bitcoins were sent to exchange wallets, representing 58.03% of the weekly total. In this regard, the percentage relationship is almost identical to that of last week, which was 57.97%.
On the other hand, some 66,174 coins were sent to accumulation wallets, which is equivalent to 38.02% of the total. This is a decrease compared to the 40.99% of the previous week. Meanwhile, shipments between exchange portfolios reached a total of 6,886 BTC, which represents 3.96% of all currencies traded.
With these available data, it can be said that the Bitcoin whales slowed down, but the percentage of movements up or down remains.
By Audy Castaneda
