Bitcoin whales tended to accumulation and movements between BTC wallets in the third week of April. From April 18 to 25, Bitcoin whales have mobilized a total of 203,682 BTC through 40 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 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 third week of April
At the moment, we can say that the predominant trend was the transfer between unknown wallets. Specifically, 161,832 BTC passed from unknown wallets to others (79.45% of the weekly total). The particularity of this is that this trend was only present between April 21 and 22, but the amount makes it the predominant trend at the weekly level.
Next, the second strongest trend was accumulation. Thus, we have that 22,382 BTC passed from exchanges to unknown wallets during the last week. This represents 10.99% of the weekly total.
In third place, we place the introduction of liquidity to the market, with 14,911 BTC (7.32% of the weekly total). Finally, we have the transfers between exchanges, with 4,557 BTC according to Whale Alert. This is equal to 2.23% of the weekly total.
How has Bitcoin’s performance been?
At press time, the most popular cryptocurrency rose by 1.42% in the last 24 hours, trading at US$40,255. This is according to CoinDesk. After a big price swing over the past week, it traded early Monday at its lowest point in almost six weeks.
On a general level, we can say that the recent volatility of BTC has been driven by factors such as inflation, the Ukraine crisis and contractionary monetary policies. This has affected not only the stock market, but also the cryptocurrency market, which seems to be following on a par recently.
Some analysts suggest that many investors are also switching to stablecoins, given the uncertainty and the short-term bearish outlook.
However, Glassnode data shows that the percentage of Bitcoin supply that has not moved in a year is at an all-time high. This data tells us that while these macro headwinds are ongoing, Bitcoin flows from those who see it as a risky asset, to long-term holders who have a strong conviction in BTC’s long-term potential.
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