From March 14 to 20, Bitcoin whales have mobilized a total of 41,203 BTC through 40 operations. If we contrast it with the previous weekly summary, we will see that the decrease in their activity is noticeable. Therefore, we tell you here the details and the influence that this may or may not have had on the leading cryptocurrency.
So far in March, Bitcoin whales have remained without a clear trend, as it changes a little from week to week. In order to assess this in detail, here is a summary of the activity of Bitcoin whales according to Whale Alert records.
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 Bitcoin whale trends in this week
At the moment, we can say that the predominant trend was the introduction of liquidity to the market. Specifically, 19,042 BTC went from unknown wallets to exchanges (46.21% of the weekly total).
Next, the second strongest trend was accumulation. Thus, we have that 13,270 BTC passed from exchanges to unknown wallets during the last week. With this, it represents 32.21% of the weekly total. It should be noted that this trend was predominant only on March 16.
In third place, we place the transfer between exchanges, with 8,891 BTC (21.58% of the weekly total). Finally, no movements were recorded between unknown wallets, as the summary table shows.
How has Bitcoin’s performance been?
By March 19, the amount of BTC in the exchange reserves was 2,302,930 (3359 BTC more than the previous day). This supports what has been detected after monitoring the activity of Bitcoin whales in the last 7 days: there is introduction of liquidity into the market, with possible preparation for sale.
BTC returns from the beginning of years to date have decreased by 10.75%, while in recent hours it has fallen by 0.99% according to CoinDesk. At the time of writing, Bitcoin has a value of US$41,576.
Bitcoin trading volume on exchanges continued to decline following Wednesday’s rally. In addition, the volume of buy versus sell orders in the futures market balanced out on Friday, which could mean that the price rally seen in the week lacks conviction.
The average funding rate, or the cost of holding long BTC positions on the perpetual futures listed on major exchanges in the perpetual swap market, rose on Friday, possibly reflecting bullish sentiment.
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