Weekly activity of the Bitcoin whales: They start March with 214,606 BTC, but maintain the status quo
During the first week of March, Bitcoin whales carried out around 85 operations with BTC, totaling 214,606 BTC. We recognize that it has been an interesting week, but that the trends shown in the weekly summary of whale activity are indicators of maintenance of the status quo. We already explain below what exactly we mean by this.
As is customary, all the data that you will find in this publication can be consulted on the Whale Alert Twitter account, and through its broadcast channels on Telegram and on its website.
How did the Bitcoin whales behave in the first week of March?
The predominant trend was undoubtedly that of transfers between unknown wallets. In total, 165,931 BTC were mobilized following that route. That is, 77.32% of the total fluctuated outside the exchanges.
Next, a trend that increased unlike previous weeks was that of transfers between exchanges. We see this by noting that 24,850 BTC followed this path (11.58% of the weekly total).
What we find interesting is that the accumulation and introduction of BTC on exchanges was not as marked as on other occasions. However, among them, the one that was greater, in terms of quantities mobilized, was accumulation. Over the past week, Bitcoin whales amassed 16,282 BTC, while they carried just 7,543 BTC from unknown wallets to exchanges.
Here we talk about maintaining the status quo because really its strategy has not changed much since the last weekly report we made. But, we must also understand what has happened to the performance of Bitcoin and other factors that may have influenced it, beyond the whales.
Understanding the general context of the Bitcoin market
In the last 24 hours, Bitcoin has remained in a price range between US $ 48,481 and US $ 51,320, which represents a net change of US $ 1,455. Meanwhile, as of this writing, the cryptocurrency is worth $ 50,060, which translates to a 2.99% increase for the day.
However, if we see the weekly graph of BTC we will notice that it started the week with a value close to 46K. Since then he has been struggling to get to and stay above 51K.
CryptoQuant CEO Ki Young Ju stated on March 3 that whales «Lately they are doing a lot of bear traps, but the price seems to regain the institutional buying level, 48k. Looking at recent Coinbase exits, most exits that went to custodial portfolios were priced at 48k. ‘ However, hours later he highlighted that there was a “Small rebound in the average entry of all exchanges at a price of 52k».
This means that despite the struggle of BTC, some whales continued to take advantage to accumulate while the cryptocurrency was close to US $ 48K. This can be seen precisely in our summary table.
It should be noted that the day with the most accumulation was Wednesday 3, with 6,100 BTC mobilized from exchanges to unknown wallets. That day was the one that we witnessed the highest BTC value of the entire week. The whales that withdrew their tokens from exchanges saw a hint that the cryptocurrency could rally after its pullback and decided to hold a HODL.
Although this may seem positive overall, we should note that the whales did not accumulate this weekend. Instead, they mobilized 2,200 BTC from unknown wallets to exchanges. We understand that this does not necessarily imply that massive BTC sales are coming, but it does mean that you have to keep an eye on the outlook. We also know that Saturdays and Sundays are not as busy as the rest of the week, but they could give us a hint of what is coming this Monday.
Also, it is worth noting the recent continuous rise in US Treasury yields, the latter could propel the dollar higher. In late February and early March the yield on 10-year US Treasuries rose to a 12-month high. Therefore, we could expect an effect on the price of Bitcoin if this trend continues.
However, in the world there are no absolute truths, and especially this is true in the world of Bitcoin. The announcements of institutions like MicroStrategy have kept the latent optimism in the market, but it would be necessary to evaluate how long this lasts. Stay tuned for our next bitcoin whale activity updates for the remainder of March.