Report: Bitcoin whale trading activity during the week

Source: CritpoTendencia Original Title: Report: Bitcoin Whale Trading Activity During the Week Original Link: This past week was marked by sharp movements in the broader cryptocurrency market. BTC started Monday with a steep drop that even made analysts think the $80,000 barrier was once again at risk. Subsequently, the coin’s price recovered strongly, only to fall again. All of this dynamic was both accompanied and motivated by Bitcoin whales.

In this article, as usual, we review the activity of these large wallets. This not only provides an idea of their influence during the week just ended, but also of the possible impact of large-wallet trading on BTC in the week ahead.

Additionally, in the lines below, we will also analyze trading activity in the spot Bitcoin exchange-traded fund (ETF) sector. Although these products are not BTC whales in the traditional sense of the word, their impact on the price of the pioneering digital coin is similar to that of traditional large wallets.

Finally, there is an overview of Bitcoin whale activity during the last few hours. This particular section offers some insight into the possible actions of these players for the week about to begin.

Highlights of Bitcoin Whale Activity

This week, the price of BTC was marked by sharp movements that caused significant fluctuations. Whale trading activity, as already mentioned, had a notable influence on this. In the weekly price chart, the trends align with the intensity of wallet transfers to and from exchanges.

While Monday saw an uptick in individual transactions of 1,000 bitcoins or more sent to exchanges, this reversed in the following days. By Friday, heavy transactions were again flowing to those trading platforms.

Friday was decisive, as during that day large wallets joined retail traders in liquidations. This caused BTC’s price to fall back below $90,000 per coin.

Among the representative movements that day were two transactions of 2,000 BTC each to certain exchanges. Saturday also saw strong activity, especially toward some of the leading trading exchanges.

On the other hand, the declining trend in BTC reserves on exchanges is also noteworthy. Despite the heavy flows from Bitcoin whales to exchanges, the overall trend among all investors remained one of withdrawal.

Wall Street Wallet Activity

Meanwhile, in the spot Bitcoin ETF sector on the U.S. stock exchange, there were also significant movements. In particular, these were overwhelmingly bearish, with dominant outflows throughout the week.

Of the five trading days this week, three saw positive inflows for these products. However, the volume of inflows on those days was low. Meanwhile, on the two days of outflows, the amounts were huge.

In total, about $121.8 million flowed into these products over three days. Meanwhile, during two days, a combined $209.5 million exited these products. As you can see, the lack of capital willing to gain exposure to Bitcoin is at the heart of the concern. This suggests that, among Wall Street wallets, a recovery in BTC is not expected in the short term.

The Most Recent Whale Movements

During the most recent sessions, there has been a low volume of trading among Bitcoin whales. This suggests that these large entities are waiting before making their next moves. Nonetheless, some of the few transactions on Saturday and so far on Sunday show a bearish trend for BTC’s price.

This means that BTC funds are flowing specifically toward exchanges. On Saturday, heavy transactions were recorded, including two of 1,894 bitcoins and 1,269 bitcoins to certain exchanges. So far on Sunday, as of the time of writing, there have been no individual movements of 1,000 BTC or more in any direction.

Tracking whale activity over the weekend can be extremely useful for investors. During these sessions, the state of trading among these large wallets is often reflected relatively well for the week ahead.