Between March 9 and 10, Bitcoin whales have mobilized a total of 15,619 BTC through 14 operations. Apparently, the prevailing trend this week remained for the last 24 hours. Therefore, we tell you here in this daily summary the details and the influence that whales may or may not have had on Bitcoin.
During the second week of March, Bitcoin whales have kept introducing BTC liquidity to the market. In order to assess this in detail, here is a summary of the activity of Bitcoin whales in the last 24 hours, according to the records of Whale Alert.
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 daily activity of Bitcoin whales
Currently, we can say that the predominant trend was the introduction of liquidity to the market. Specifically, 11,939 BTC went from unknown wallets to exchanges (76.44% of the daily total).
Next, the second strongest trend was the transfer between exchanges. Thus, we have that 2,275 BTC passed from one exchange to another during this day. With this, it represents 14.56% of the daily total.
In third place, we place the accumulation, with 1,405 BTC (9% of the daily total), thus being the weakest trend. No movements between unknown wallets were recorded during the analyzed period.
How has Bitcoin’s performance been?
Bitcoin (BTC) reversed its course during this day, falling to touch US $ 39,000 during Asian hours. With this, it retraced its 8% rise on Wednesday caused by US President Joe Biden’s executive order on cryptocurrencies.
Historically, the US Federal Reserve has had the greatest impact on the cryptocurrency markets, while the European Central Bank’s (ECB) rate decisions have had little or no relevance. This of course includes BTC.
However, any unexpected move by the ECB could trigger a market crash. Recently, markets have lowered expectations for ECB tightening, as the ongoing war between Russia and Ukraine is expected to push the European economy into a recession characterized by high inflation.
According to CoinDesk, “a large exceeding of expectations could rekindle fears of a 50 basis point Fed rate hike next week, which could put downward pressure on risky assets.” The Fed is expected to raise rates by 25 basis points next week.
It is in this context that the introduction of liquidity to the market by many more whales than before is generated. However, it is something that is in constant movement and change, and hence the relevance of making daily follow-ups of what happens with them.
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