During the week of June 28 to July 4, 2021, Bitcoin whales, in short, mobilized 53,035 BTC through 34 operations. Here it is worth mentioning that the Whale Alert reports on Twitter seem to have stopped including movements between unknown wallets and, therefore, this trend was not recorded.
Before continuing, we reiterate that all the data collected in this summary can be found in the reports of Whale Alert 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 the beginning of July
The predominant trend in terms of BTC mobilized during the time analyzed was the accumulation of BTC, or withdrawal of liquidity and supply from the market. As the summary table shows, 61.52% of the weekly total went from exchanges to unknown wallets, which is equal to 32,625 BTC.
Next, the introduction of liquidity to the market was the second strongest trend in terms of BTC transferred. A total of 17,741 BTC went from one exchange to another during the week (33.45% of the weekly total).
Regarding the transfer of BTC between exchanges, we can highlight that the whales carried 2,669 BTC from unknown wallets to exchanges. The above is equal to 5.03% of the weekly total.
At the time of writing this post, Bitcoin is worth $ 35,518, following a 2.45% increase in the last 24 hours according to CoinDesk. The recovery has been brief, considering that since June 29 the leading cryptocurrency had been in decline, reaching close to US $ 32K.
Meanwhile, the supply of Bitcoin held by Bitcoin whales peaks at two months. This could constitute a bullish signal that we must evaluate. The amount of BTC held by whales rose by more than 80,000 to 4,216 million BTC on Friday according to data from Glassnode, and flat on Saturday. This would be the highest level since May. The number of whaling entities has also risen to a three-week high of 1,922.
The renewed buildup by Bitcoin whales is good news for the market, as they played a major role in pushing Bitcoin from $ 10K to nearly $ 60K over the five months through February 2021. All of this coincides with the data collected in the weekly activity summary.