During the week of August 9-15, 2021, Bitcoin whales mobilized 174,665 BTC through 86 operations. Considering that this is almost half of the BTC mobilized the previous week, we wonder 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 trading this week
The predominant trend in terms of BTC mobilized during the analyzed time was the transfer between exchanges. As the summary table shows, 32.13% went from one Exchange to another, which is equal to 56,115 BTC.
Next, transferring between unknown wallets was the second strongest trend in terms of BTC transferred. A total of 51,481 BTC went from one unknown wallet to another (29.47% of the weekly total).
The next predominant trend was accumulation, but with a clear decrease from previous weeks. In that sense, the Bitcoin whales mobilized 35,589 BTC from exchanges to unknown wallets (20.38% of the weekly total).
Regarding the introduction of liquidity to the market, we can highlight that the whales carried 31,480 BTC from unknown wallets to exchanges. The above is equal to 18.02% of the weekly total.
Bitcoin and its performance
The BTC market has experienced another strong week, with prices rising from US $ 43K to a high of close to US $ 48K (on Saturday the 14th). As of this writing, BTC is trading for $ 47,098, which is a 2.88% increase in the last 24 hours according to CoinDesk.
Apparently, for the month of August we could expect a maximum resistance of US $ 49,947 and a minimum of US $ 35,754. Likewise, for this week we have noticed that the maximum of the past week is the same as that of the month, therefore there is a great possibility of breaking this resistance to reach the target of 59K, but not before going through some retracement to US $ 46K and then a bounce.
By August 10, the BTC index of whales on exchanges reached 90%. This would be the highest level since February 2020 before the massive dumping. When noticing this, it is recommended to be extremely careful. However, for now, the market trend appears to be buying, as 14 technical indicators currently indicate this according to TradingView.