Bitcoin whales conducted 120 trades from April 5 to April 11. During this week, they have transferred 223,164 BTC according to Whale Alert reports, of which a significant majority moved in a specific direction. That’s why we present you the details in our summary.
All the data collected in this publication can be consulted on the Whale Alert page, its Twitter account and Telegram. This is only an approximation to a part of the market for Bitcoin and cryptocurrencies in general.
Lagged accumulation? Bitcoin whales modify their actions and trends in April
The predominant trend this week in terms of BTC transferred was that of transfers between unknown wallets. As our summary table shows, the whales moved 156,401 BTC in this way, which is equal to 70.08% of the weekly total.
Then we found that the introduction of Bitcoin on exchanges ranked second. In this way, we can see that there is more interest in bringing BTC to the market, probably for sale. Thus, the total transferred from unknown wallets to exchanges has been 30,205 BTC (13.54% of the total).
However, the accumulation trend did not completely disappear, as 28,308 BTC were registered from exchanges to unknown wallets. With this, the whales would have accumulated 12.68% of the total Bitcoin mobilized this week. Finally, the weakest trend was that of transfers between exchanges, with a total of 8,250 BTC.
If we look at the summary table we will also see that the busiest days were Monday and Tuesday, and then it gradually decreased. It is time to evaluate what was happening with BTC to understand if there is any correlation.
BTC price movements this week
At the time of writing, Bitcoin is worth $ 59,583, after experiencing a 1.03% increase in the last 24 hours. According to information from WhaleMap, the big whale addresses show strong support at the US $ 57K level and we could be facing a new approach to price discovery in the coming weeks.
However, if we look at the bigger picture, we will see that traders are opting for the Cash and Carry strategy as Bitcoin’s ‘Contango’ expands. This contango is formed thanks to the increasing differential between the prices in the futures and spot markets of BTC.
It involves buying an asset in the spot market against a short position in the futures market when the futures earn a significant premium relative to the spot price. In that way, traders pocket a fixed return, as the premium declines over time and converges with the spot price on the expiration date.
Taking into account that Bitcoin continues to struggle not only to reach 60K, but to stay above that level, the whales that perhaps feel the most urgency for profits can sell and opt for other cryptocurrencies. Nonetheless, it seems like the big wallets won’t let it drop below 57K. We invite you to monitor with us what could be a week of definitive consolidation or breakout, and trend modification of Bitcoin whales in April.