What has happened to the whales while BTC is around 16K? Here we tell you in the weekly report of its activity.
While Bitcoin (BTC) remains at the 16K level, the whales remain apparently in an accumulation trend. All the details are presented below in our weekly summary.
As always, we stress that this activity must be put in context to better investigate the status not only of the 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 its 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.
Bitcoin Whale Activity Weekly Report: Accumulation Resumes
In the last five days, we can say that the predominant trend was accumulation in terms of BTC mobilized. Specifically, 74,405 BTC moved from exchanges to unknown wallets (78.28% of the weekly total), according to our weekly whale report.
Next, the second strongest trend was the introduction of liquidity to the market. Thus, we have that 20,638 BTC passed from unknown wallets to exchanges during the last week. With this, it represents 21.71% of the weekly total.
Unlike other weeks, there were no movements between exchanges or between unknown wallets. Likewise, it is notorious that the whales have decided to pause their BTC sales. Therefore, it is necessary to analyze the context that surrounds the leading cryptocurrency, in order to have a better overview.
Analyzing the context of Bitcoin
At press time, Bitcoin price is $16,550, a change of -0.02% in the last 24 hours. So far this year, it has had a variation of -64.28%. This price barely moved during the Thanksgiving holiday in the United States.
We know recently that BTC has been stable around $16,000 for the past three weeks, though it did briefly drop below $15,500 on Monday. This stems from fears about the future of cryptocurrency lending company Genesis Global Capital, which has been caught up in the implosion of the FTX cryptocurrency platform.
However, crypto markets have calmed in the past three days, buoyed along with equity indices by signs that the US central bank would back out of 75 basis point rate hikes. Although several cryptocurrency observers say that the recent debacles may end up strengthening the cryptocurrency sector by forcing regulators to redouble their efforts, most analysts remain bearish on prices.
It is in this context that we find some Bitcoin whales that seem to disappear from the map in terms of sales, but may be acquiring new tokens, or simply taking them out of circulation. Whatever the case, it is not the determining factor for the price.