From March 28 to April 3, Bitcoin whales have mobilized a total of 70,687 BTC through 39 operations. Considering that finally the cryptocurrency has gradually resumed the rise, we want to tell you the details and the influence that the whales may have had, or not, on it.
During March, Bitcoin whales remained without a clear trend, as it changed week by week. In order to assess this in detail, here is a summary of Bitcoin whale activity according to Whale Alert records.
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 trends in this week as BTC surges
At the moment, we can say that the predominant trend was accumulation. Specifically, 33,743 BTC passed exchanges to unknown wallets a (47.74% of the weekly total).
Next, the second strongest trend was the introduction of liquidity to the market. Thus, we have that 31,679 BTC passed from unknown wallets to exchanges during the last week. With this, it represents 44.81% of the weekly total. It should be noted that this trend was predominant at the beginning of the week.
In third place, we place the transfer between exchanges, with 5,265 BTC (7.45% of the weekly total). Finally, no movements were recorded between unknown wallets, as the summary table shows.
In addition to this, we must mention a series of mysterious transactions recorded on March 29. These were associated with a Bitcoin hack made some years ago. If you want to know more details about it, you can review them in this post.
How has BTC’s performance been?
With the completion of the first quarter of 2022, there are many things that can be put under review, especially in the Bitcoin market. Most of the first quarter was boring, but the price of Bitcoin rose this last week, which could indicate renewed strength in the cryptocurrency market.
Considering the macro picture, it was an achievement that Bitcoin kept that quarter “boring”. For example, Russia invaded Ukraine, the Fed announced at least six rate hikes, and a lot of things happened in US and EU regulation.
This week was marked by the rise of cryptocurrency. With the price of BTC finally rising, the Bitcoin options market saw renewed open interest. In that sense, the US dollar amount allocated to Bitcoin options contracts, reached an annual maximum ~ US$9.8 billion on March 24. Since then, we have seen more than $1.3 billion in options enter the market, marking a relatively rapid recovery.
It is in this context that the whales open the month of April: while BTC increases, and they accumulate their tokens. We invite you to stay tuned to our upcoming publications. At the time of publication, Bitcoin has a value of US$46,685, which represents an increase of 1.74% in the last 24 hours alone.
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