As we head deeper into the second quarter of the year, Bitcoin whales maintained the trend of introducing liquidity to the market. From May 2 to 8, Bitcoin whales have mobilized a total of 206,890 BTC through 95 operations. In that sense, we want to show you the details and the influence that whales may have had, or not, on the price of Bitcoin.
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 activity of Bitcoin whales in the first week of May
Currently, we can say that the predominant trend was the introduction of liquidity to the market, at least in terms of mobilized BTC. Specifically, 88,488 BTC passed from unknown wallets to exchanges (42.77% of the weekly total).
Next, the second strongest trend was the accumulation of BTC. Thus, we have that 63,191 BTC passed from exchanges to unknown wallets during the last week. With this, it represents 30.54% of the weekly total. 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 part of their tokens.
In third place, we place the transfer between exchanges, with 55,211 BTC (26.69% of the weekly total). Finally, it should be stressed that this week there were also no transactions registered between unknown wallets.
How has Bitcoin’s performance been?
At the time of writing, Bitcoin is changing hands for a value of US$34,550 according to CoinDesk. This represents a drop of 3.74% in the last 24 hours. In this way, the cryptocurrency regresses on its way towards US $ 40K. This would be close to the lows of the cryptocurrency in the last three months.
Something interesting to note is what he pointed out Whale Map on May 5th. According to its analysts, BTC’s entries into whale addresses at US$46,551 were serving as an accurate resistance and a medium-term temporary stop for Bitcoin’s range. However, a similar resistance has now appeared at US$44,355, and it should be the medium-term resistance if BTC gets there.
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