Bitcoin whales have decreased the accumulation since the beginning of February 2022. What influence does it have on the BTC market?

During the second week of February, Bitcoin whales have remained introducing liquidity to the market, and in a moderately calm activity. In order to assess this in detail, here is a summary of the activity of Bitcoin whales according to Whale Alert records.

From February 7 to 13, Bitcoin whales have mobilized a total of 64,885 BTC through 62 operations. If we contrast it with the previous weekly summary, we will see that the increase in activity is significant. Therefore, we tell you here the details and the influence that this may or may not have had on BTC.

As always, this activity should be put in 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 this second week of February

At the moment, we can say that the predominant trend was the introduction of liquidity to the market. Specifically, 25,086 BTC went from unknown wallets to exchanges (38.68% of the weekly total).

Next, the second strongest trend was accumulation. Thus, we have that 14,888 BTC passed from exchanges to unknown wallets during the last week. With this, it represents 22.96% of the weekly total.

In third place, we place the transfer between exchanges, with 13,881 BTC (21.40% of the weekly total). Finally, the transfer between unknown wallets became the weakest trend, accounting for 16.96% of the weekly total. This was due to the fact that only one operation was registered in this regard, for 11,000 BTC as the summary table shows.

How has Bitcoin’s performance been?

At the time of writing, Bitcoin has a value of US$ 42,335, which represents a decrease of 0.55% in today’s session. It also translates into a setback with respect to the attempt that had to overcome the 45K this week.

This Friday the leading cryptocurrency fell thanks to international events. Specifically, US President Biden urged Americans to leave Ukraine immediately and warned that “an invasion could begin at any moment.” For now, the United States has ruled out sending troops to Ukraine despite Russia’s military activities.

Over the past few days, the bulk of BTC’s trading volume occurred between US$41K and US$41.5K, according to Jason Pagoulatos, an analyst at Delphi Digital, a cryptocurrency research firm. “If that level is lost, we are likely to move towards the volume gaps that are left behind, which coincides with US$38.5K.”

It is precisely in this scenario that Bitcoin whales have chosen to gradually decrease their accumulation.

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