From March 7 to 13, Bitcoin whales have mobilized a total of 93,125 BTC through 40 operations, with some interesting trend changes. These changes are worthy of careful review. Recently, we presented a mid-week summary that showed that the predominant trend up to that point was the introduction of liquidity into the market, but things changed after that. Therefore, here we tell you here in this weekly summary the details and the influence that whales may or may not have had on Bitcoin.
It should be noted that during the second week of March, Bitcoin whales continued to withdraw BTC liquidity from the market, after March 10. In order to be able to evaluate this in detail, we will use the records of Whale Alert.
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 weekly trends of Bitcoin whales in March
At the moment, we can say that the predominant trend was accumulation. Specifically, 51,561 BTC went from exchanges to unknown wallets (55.37% of the weekly total).
Next, the second strongest trend was the introduction of liquidity to the market. Thus, we have that 30,769 BTC passed from unknown wallets to exchanges during the last week. This represents 33.04% of the weekly total. It should be noted that this trend predominated at the beginning of the week, when the market was facing difficulties to avoid Bitcoin’s pullback.
In third place, we place the transfer between exchanges, with 7,475 BTC (8.02% of the weekly total). Finally, the weakest trend was the transfer between unknown wallets, with a total of 3,320 BTC (3.57% of the weekly total).
Something that could be important is that, according to WhaleMap, on March 11 a whale “moved 24,000 BTC. Usually transactions like this mean OTC operations. Good sign for BTC.” However, in the short term, a significant effect of this transaction has not been noticed.
How has Bitcoin’s performance been?
At the time of writing the publication, Bitcoin has a value of US$ 38,722.99, which represents a decrease of 0.85% in today’s session. It also translates into a setback with respect to the attempt that had to overcome the 42.5K, and stay above, this week.
Although the trend of the whales this week was more constant accumulation, this weekend they retreated again. Almost no records were given on the Whale Alert page. One reason could be that this Monday, European Union (EU) parliamentarians will vote for a rule that could amount to a ban on Bitcoin.
The draft contains a late addition that seeks to limit the use of energy-intensive-driven cryptocurrencies for mining through the Proof-of-Work (PoW) method. According to some media reports, the vote is still close, but a small majority of the committee members may vote against the measure.
What we recommend is a monitoring of technical indicators and any news such as that of the EU (fundamental analysis), as well as keeping you abreast of our upcoming publications on what may happen with BTC. At least twelve of TradingView’s technical indicators suggest a selling trend in the market, both on a weekly and daily level.
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