The second quarter of the year has started, and as time progresses, we are getting ready to see a little of what happened with the whales in this week of April. From March 4 to April 10, Bitcoin whales have mobilized a total of 71,074 BTC through 38 operations. In that sense, we want to tell you the details and the influence that whales may have had, or not, on the price of BTC.
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, 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 of April
At the moment, we can say that the predominant trend was the introduction of liquidity to the market. Specifically, 30,904 BTC passed from unknown wallets to exchanges (43.48% of the weekly total).
Next, the second strongest trend was accumulation. Thus, we have that 21,004 BTC passed from exchanges to unknown wallets during the last week. This represents 29.55% of the weekly total. It should be noted that this trend was not very marked over the weekend.
In third place, we place the transfer between exchanges, with 17,266 BTC (24.29% of the weekly total). Finally, only 1,900 BTC were mobilized between unknown wallets, as the summary table shows. The latter is equal to 2.67% of the total week, which makes it the weakest trend.
How has Bitcoin’s performance been?
The entire first week of April has been in the red for Bitcoin. While on April 5 BTC changed hands for US$ 47.6K, at the time of writing this post it has a value of US $ 42,025. The latter indicates a pullback of 1.75% in just 24 hours.
The largest cryptocurrency by market capitalization ignored a brief rise on Sunday to settle below the $42,500 level at which it ended on Friday.
All this setback has taken place amid the growing economic uncertainty linked to the provoked invasion of Russia in Ukraine and the imminent interest rate hikes by the US central bank.
BTC could probably stay under pressure until a major boost brings the price above $48K. The performance of cryptocurrencies lately has largely coincided with the major stock markets, which have also fallen. The tech-focused Nasdaq closed Friday down more than a percentage point. The S&P 500 and the Dow Jones Industrial Average also fell, as investors continued to process a series of historical events that could push the global economy into recession.
That is why BTC could need a catalyst to maintain any bullish momentum, such as more interest rate hikes and monetary policy changes. For this reason, we see that the introduction of liquidity to the market by whales is not accidental. It may even be because the whales tried to take advantage of BTC’s rise to pick up some profits, given the possibility that it will go down even more next week.
Relate
