During the week of July 26 to August 1, 2021, Bitcoin whales mobilized 969,254 BTC through 170 operations. Compared to the previous week, it represents a revival of BTC transfers by whales, especially those between unknown wallets. However, we also ask ourselves, what trends were most prominent? Find out here with us.
Before continuing, we reiterate that all the data collected in this summary can be found in the Whale Alert reports on Twitter. This article is just a look at one of the factors that influence the price of BTC, and it is not isolated from the rest.
Bitcoin whale activity during this week and beginning of August
The predominant trend in terms of BTC mobilized during the analyzed time was the transfer between unknown wallets. As the summary table shows, 71.95% of the weekly total went from exchanges to unknown wallets, which is equal to 697,348 BTC. This would be the first week that Whale Alert reports include transfers between unknown wallets in more than a month.
Next, accumulation was the second strongest trend in terms of BTC transferred. A total of 182,654 BTC went from exchanges to unknown wallets during the week (18.84% of the weekly total).
The next predominant trend was the introduction of liquidity to the market, but with an evident decrease with respect to accumulation. In that sense, Bitcoin whales mobilized 59,702 BTC from unknown wallets to exchanges (6.16% of the weekly total).
Regarding the transfer of BTC between exchanges, we can highlight that the whales carried 29,550 BTC from unknown wallets to exchanges. The above is equal to 3.05% of the weekly total.
Although the accumulation is latent, the transfer of BTC between unknown wallets is what predominated on the part of the whales this week.
Bitcoin and its performance
Since July 26, Bitcoin has been struggling to get closer to the 40K level. At the time of writing, BTC changes hands worth $ 39,700 which represents a 4% drop in the last 24 hours. Before that, at the end of July, Bitcoin had even hit the 42.6K level.
Strong price resistance is still seen in the $ 40,000 range, but analysts wonder if the worst of the recent bear market could be over.
According to Whale Map: «The last whale bubble in our range shows to break above $ 40,472 and next resistance is only around 47K». Also according to Glassnode, active Bitcoin entities have increased over the last week, increasing 30% to 325,000 active entities per day. The number has been declining from January to mid-July.
All this, together with the fact that news of the liquidations of the bonds of the Federal Reserve of the United States is expected, makes us think that August is coming strong for Bitcoin. We can expect much more activity from the Bitcoin whales in August, which at this time do not seem to be focused on the sale of the cryptocurrency.