At the time of writing this publication, Bitcoin is below USD 9,000, specifically at USD 8,808.99. At this time many would like to know what is the reason behind the 5.94% drop in less than 24 hours, which amounts to a loss of USD 556.47 in the same period of time. Given this, the activity of crypto whales could give us a clue.
Accumulation that suddenly went on sale of BTC
Since the beginning of today, Whale Alert has reported six transactions with Bitcoin, the lowest being 739 BTC. Of those six transactions, four had been from exchanges like Bitstamp or Binance to unknown wallets. At that time Bitcoin was located around 9,200 USD.
However, the effect of crypto whales was not noticeable, or significant. There was no price increase. However, in the late afternoon, the decline in Bitcoin was considerable, as we mentioned at the beginning of this article. By then the only Bitcoin transaction recorded was one for 2050 BTC, directed from an unknown wallet to Binance.
Given this there are two possibilities: those investors who are betting on the rise in medium-term prices because of Bitcoin halving, could simply take advantage to acquire more of this cryptocurrency. The second is that those who were trying to take advantage of the bullish peak of this cryptocurrency decide to sell before it continues to fall, but this would not be the best option.
Whatever the option, those who are interested in continuing to accumulate Bitcoin should get the price down and then start their bullish rally. At this time, if we only consider the activities of crypto whales in the last 24 hours we could say that they are inclined to Bitcoin accumulation despite what is happening at the moment with the price.
To total, the final amount of the transactions carried out by crypto whales is 7526 BTC, of which 4746 BTC went to accumulation in unknown wallets.
Activity of crypto whales with other cryptocurrencies
Following the notifications of Whale alert We also see that significant sums of stablecoins such as BUSD or PAX are being minted. But it should be noted that some burns of tokens from these same cryptocurrencies were also recorded. For example, 2,550,128 PAX and 1,354,655 BUSD were burned in the PAX Treasury.
We also noticed some accumulation of XTZ and XRP. To be exact, Whale Alert reported that 28,000,000 XRP (USD 6,778,237) were transferred from Bithumb to an unknown wallet. Also, 196,908 XTZ (USD 522,293) went from Binance to an unknown wallet.
Degree in Liberal Studies from the Metropolitan University. Lover of innovation and believer of technology for the future.