During this week the Bitcoin whales have mobilized a total of 106,835 BTC through 51 operations. However, something curious are the trends that prevailed during this period studied. Here are the details of the Bitcoin whale activity.
We reiterate that all the data shown here is only a reference. These can be consulted on the Whale Alert page at Twitter or on any of the platforms you have for your reports.
Mobilizations between unknown wallets and between exchanges: the activity of the BTC whales in weekly summary
From March 15 to the time of writing this publication we have registered 106,835 BTC mobilized. However, the predominant trend in terms of the amount of Bitcoin transferred was that of movements between unknown wallets. Specifically, 48,895 BTC were mobilized in this way, which represents 45.77% of the total mobilized in the week. This trend manifested itself primarily on the first three days of the week.
As the week progressed, reports of activity with Bitcoin in general decreased, including movements between unknown wallets. Next, we have that the second biggest trend was the movements between exchanges, with a weekly total of 38,978 BTC.
Likewise, we total 11,063 BTC accumulated and 7,899 BTC transferred from unknown wallets to exchanges. With this we can see that although the accumulation was maintained, it is not a different amount than the one that was introduced in exchanges, possibly for sale. However, if we contrast with the amount of BTC that was mobilized off the exchanges, we will see that this week was not particularly for sale for Bitcoin whales.
All this is only taking into account the reports of Whale Alert, but it is time to go further and analyze the landscape of Bitcoin in the market.
This week, Bitcoin appears to have charted an ascending wedge pattern, a sign of uptrend fatigue. BTC appears poised to challenge all-time highs in the wake of this week’s dovish Federal Reserve meeting.
«The wedge support line is quite strong, with more than four points of contact, and that gives me some confidence, however if we break above the trend line, which is when things could get ugly.”Said Patrick Heusser, Chief Operating Officer of Crypto Finance AG. A breakout, a move below the lower end of the rising wedge, is considered a sign of an uptrend to a bearish one.
According to Heusser, a move below $ 54,000 would confirm the breaking of the rising wedge and open the doors for a drop to $ 47,000. The immediate bias will remain bullish as long as the wedge support remains intact. At press time, Bitcoin is at $ 57,435, down 3.3% in the last 24 hours.
Over the weekend as Bitcoin has declined in price, the whales have hit the brakes and barely made any trades. But they have taken the opportunity to accumulate some BTC tokens, as they are not willing to sell at these levels. However, despite this, the returns from the beginning of the year to date remain at 96.60%. It does not appear that the Bitcoin price decline was directly influenced by the Bitcoin whales. The important thing is that you stay tuned for our next updates on this. See you in our next weekly roundup of Bitcoin whale activity.