Bitcoin whales have remained on the surface as BTC recedes to its lows of months ago. In this brief summary, we show you the most outstanding trends of Bitcoin whales and some interpretations of their actions.
May has been marked by the systematic liquidation that brought Bitcoin below US$30k. We are also in a context of rising inflation, and extreme fear in the market. If we add to all this the announcements made by the FED, we will see that whales have not been the only factor that could affect the leading cryptocurrency, but that is not why we can ignore it.
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 activity as BTC recedes
From May 10 to 14, Bitcoin whales have mobilized a total of 244,445 BTC through 122 operations.
Currently, we can say that the predominant trend was accumulation, at least in terms of BTC mobilized. Specifically, 104,261 BTC passed from exchanges to unknown wallets (42.65% of the weekly total). This is the most significant change with respect to previous reports, where the introduction of tokens to exchanges predominated strongly.
Next, the second strongest trend was the introduction of liquidity to the market. Thus, we have that 65,851 BTC passed from unknown wallets to exchanges during the last week. With this, it represents 26.94% of the weekly total. As can be seen in the summary table, this trend of whales began to weaken since May 11.
In third place, we place the transfer between exchanges, with 50,360 BTC (20.60% of the weekly total). Finally, it should be emphasized that 23,983 BTC mobilized between unknown wallets were registered this week (9.81% of the weekly total).
How has Bitcoin’s performance been?
During this week, Bitcoin fell below US$30K as the bond sell-off spread to risky assets. This selling pressure was exacerbated by Luna Foundation Guard’s offloading of its entire Bitcoin position. Exactly, we are talking about 82K BTC over the course of a few days.
Also, according to a report by Glassnode, the Fed’s course of action is expected to continue to put pressure on the markets given rising inflation and current tightening conditions.
Likewise, the correlation between the S&P 500 and Bitcoin reached unprecedented levels. Although the whales experienced intense selling pressure in the spot and derivatives markets, since the middle of the week the whales slowed down in this regard. However, at the time we reported what was happening.
It could be said that a new significant price level is forming around US$26-US$32K. In addition, Glassnode recently noted: “We believe that uncertainty and possible pullbacks will persist, as the domestic financial conditions of the Chicago Fed suggested that further tightening is possible given the current macroeconomic environment».
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