The Cryptocurrency market did not lose its momentum this week and the post-US election rally remains remarkably strong. Much of the bullish momentum in crypto this week stemmed from the trading sentiment of Bitcoin whales.
These are the largest wallets in possession of BTC, which have a huge influence on Bitcoin prices. Since Donald Trump won the election, trading between these whales has increased significantly, with much of the funds flowing from the exchanges to accumulation addresses.
In this work, as usual, a review is made of the decisive moments of the whale trade during the last 7 days. Likewise, the activity of large Wall Street portfolios is also addressed, mainly those that invest in Bitcoin spot ETFs.
Bitcoin whale behavior this week
As always, we divide this report into four parts. In the first two we address the commercial behavior of whales in the two halves of the week. In the third part, the activity of Bitcoin ETF investors is reviewed. Finally, in the fourth part, we address the most recent movements to evaluate possible future behaviors.
- First half of the week.
- Second half of the week.
- Behavior of Wall Street whales.
- Most recent commercial movements.
First half of the week
During the first half of the week, whale portfolio activity saw a sharp rise. This manifested itself in the roughly half-dozen ATHs of Bitcoin price over Monday and Wednesday.
Thus, in those three days, large amounts of BTC left centralized exchanges. In parallel, tens of millions of dollars in stablecoins entered these trading platforms, according to data from WhaleBot Alerts. The latter is a clear signal of purchase intention.
Among the most notable cases of accumulation movements are the huge flows of USDC into Coinbase. On a much larger scale, millions of USDT entered Binance. Two transactions of more than 1,500 BTC came out of this same exchange, only on Monday.
On that same day, huge Bybit transactions came out, one of them for 4,119 BTC. Tuesday was a little more mixed, while on Wednesday BTC outflows from exchanges continued in the early hours.
Second half of the week
During the second half of the week, Bitcoin whale activity was diametrically opposite. In that sense, the price of the largest cryptocurrency reflected the decline in investor optimism. Wednesday was a mixed day with accumulation movements in the first hours and intention to sell movements later.
From there, a greater number of movements towards exchanges became evident. This last reality extended throughout Thursday and Friday. Despite this, the price of BTC did not suffer a setback.
These are some of the notable transactions of this second half of the week. On Wednesday afternoon, two transactions entered Okex, one to Bybit and two to Binance, which totaled almost 10,000 BTC. One of 4,000 and another of 3,501 bitcoins entered Coinbase. One of 4,500 BTC entered towards Bitstamp.
One of the largest transactions was 10,189 BTC to Binance on Thursday.
Behavior of Wall Street whales
In the field of Wall Street whales, although they do not buy BTC directly, their impact on the market is considerable. These large investors reflected exactly the same behavior. Thus, in the first three days of the week the flows were enormous.
However, on Thursday and Friday, exchange-traded funds reflected significant outflows. Regarding trading volume, it exceeded $21.2 billion, of which 68.66% was with the BlackRock ETF, IBIT. All this data was taken from the Trading Different portal.
In total, the flows for the first half of the week were $2,337 million dollars. Meanwhile, on Thursday and Friday combined, withdrawals were $588 million.
Trading volume in Bitcoin ETFs reached $21.2 billion this week. Source: Trading Different
Most recent trade movements
As you can notice, this week was considerably active among Bitcoin whales. The specter of a possible correction causes concern among investors. Below, we present the whales’ most recent transactions.
Based on these movements, you can have a rough idea of what the state of the market will be next week. In the last few hours, there have been approximately half a dozen transactions of between 400 and 500 BTC towards the exchanges. There are also 6 individual shipments of between 800 and 1,200 BTC to these platforms.
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