In the last 48 hours there is a lot to report about Bitcoin (BTC), but especially about whales. On the one hand, we could talk about a massive sale or movement of funds executed by Bitcoin whales. On the other hand, we can emphasize that this could continue in the following days. Here are the details we have so far.
Recall that Bitcoin whales is the denomination received by those addresses that have more than 10,000 BTC. Therefore, they have the power to affect the performance of the Bitcoin price at key moments. However, their activity is not always evident in the eyes of everyone, because they have multiple strategies for achieving their goals.
How has the performance of Bitcoin Whales been?
During the last 48 hours, Bitcoin whales mobilized a total of 44,246 BTC through 30 operations, according to Whale Alert. This Tuesday, May 10, the movement of a total of 32,150 BTC was registered, while this Wednesday only 12,096 BTC have been registered.
Currently, we can say that the predominant trend is the introduction of liquidity to the market, at least in terms of mobilized BTC. Specifically, 19,151 BTC passed from unknown wallets to exchanges (43.28% of the total).
Next, the second strongest trend was the accumulation of BTC. Thus, we have that 12,613 BTC passed from exchanges to unknown wallets at this time. With this, it represents 28.51% of the total.
In third place, we place the transfer between exchanges, with 12,482 BTC (28.21% of the total). Finally, it should be emphasized that no transactions were recorded between unknown wallets.
The sale or mobilization of funds outside the wallets of crypto-wallets is a fact
As we had already mentioned in the last weekly report, unlike the last weeks of April, where accumulation predominated, it seems that the whales are now preparing to come to the surface again and sell their tokens. WhaleMap also match on this, saying that “many whales who have bought $BTC at 40k-34k prices were moving funds yesterday.”
Bubbles indicate those price ranges where there were outflows of BTC from the whales’ wallets. However, it should be noted that the latest bubble is a bubble that moves funds from one cold portfolio to another, so it can be ignored. Apart from this, the other Bitcoin outflows may indicate a deepening of the whales’ selling trend.
At press time, the leading cryptocurrency has a value of US$30,213, representing a loss of 3.59% of its value in the last 24 hours.
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