By the end of the month of April, Bitcoin whales maintained the accumulation trend. From April 25 to May 1, Bitcoin whales have mobilized a total of 50,551 BTC through 34 operations. In that sense, we want to show you the details and the influence that whales may have had, or not, on the price of the leading cryptocurrency.
As always, we emphasize that this activity must be put into context to better investigate the status not only of whales, but of the market as a whole. Before continuing, we must clarify that all the data in this publication can be viewed on the Whale Alert page, and Twitter. This is only a micro approximation to one of the factors that can influence the performance of BTC, but it is not the only one.
Summary of the activity of Bitcoin whales in the last week of April
At the moment, we can say that the predominant trend was accumulation, at least in terms of mobilized BTC. Specifically, 18,839 BTC went from exchanges to unknown wallets (37.27% of the weekly total).
Next, the second strongest trend was the introduction of liquidity to the market. Thus, we have that 16,637 BTC passed from unknown wallets to exchanges during the last week. With this, it represents 32.91% of the weekly total. As can be seen, the distance between this trend and that of accumulation is not much, so a change of priorities for whales could be intuited soon.
In third place, we place the transfer between exchanges, with 15,075 BTC (29.82% of the weekly total). Finally, it should be stressed that unlike the previous report, this week there were no whale operations registered between unknown wallets.
How has Bitcoin’s performance been?
At the time of writing, Bitcoin is changing hands for a value of US$38,469 according to CoinDesk. This represents an increase of 0.57% in the last 24 hours, which sums up a weekend in which BTC struggles to approach US$40K again.
The truth is that April closed with a weakened Bitcoin momentum, with a support of US$35K – US$37K. Meanwhile, investors are preparing for a tougher Federal Reserve. Macroeconomic uncertainty has driven all risky assets down in recent months, including Bitcoin.
The price volatility in the Bitcoin market in recent weeks can largely be attributed to its correlation with other risky assets. These have generally moved in reaction to the conflict in Ukraine, supply chain issues from rising Covid cases in China, and continued interest rate hikes and future Federal Reserve balance sheet machinations. In that sense, it is normal to see that the whales are with a little more caution when starting the month of May.
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