Throughout the first week of May, Bitcoin whales have mobilized 182,554 BTC through 92 trades. Below we will present the most important details of its activity, as well as the performance of Bitcoin.
The data collected on the activity of Bitcoin whales was obtained in Whale Alert, through their daily reports on Twitter. We reiterate that the information reflected here is only a micro look at the Bitcoin market. The intention is merely informative.
Bitcoin whale trends in the first week of May
Bitcoin whales have mobilized 69.77% of total weekly BTC between unknown wallets. This is equal to 127,373 BTC. Then, we have that the second most dominant trend is to introduce liquidity into the market. In this way, 25,307 BTC were transferred from unknown wallets to exchanges. This represented 13.86% of the total mobilized weekly.
Third, we find the accumulation of 19,437 BTC. In this way, Bitcoin whales have decreased their tendency to transfer from exchanges to unknown wallets in recent weeks. Eventually 10,437 BTC went from exchanges to exchanges.
The performance of the leading cryptocurrency has been improving throughout the week, but not enough to exceed 60K. As of this writing, Bitcoin is worth $ 58,840, growing 0.25% in the last 24 hours, according to our Crypto Online tool.
In this scenario, the whales seem not to bet on the rise of Bitcoin in the short term, but quite the opposite. One possibility is that they sell at current prices and then buy back in times of falling prices. With this they would be able to generate a certain considerable profit margin. The other option is that they are betting on altcoins with better short-term returns.
However, other factors could impact the price of the cryptocurrency more, such as events and news from the United States, employment rates and macroeconomic indicators. Therefore, we recommend keeping a constant monitoring of all these factors in parallel with the performance of the Bitcoin whales throughout May.