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During this week, the trading activity of Bitcoin whales was particularly changeable. These large portfolios went from a state of caution to one of maximum greed in a matter of days. By generating fear of possible investor exhaustion, these portfolios caused a new rally.
During this week, the entry and liquidation movements of large portfolios, with retail support, caused enormous volatility. Thus, the price of BTC reached the milestone of exceeding $100K per coin for the first time. According to the charts, the price of the token reached $103,900 per unit on December 5.
Subsequently, the exchange value of BTC fell to $92,000 and then exceeded $100K again. These sudden movements were the result of a notable participation of whales in the trade during the last hours. At the time of writing this note, the price of the largest Cryptocurrency is $99,424.
In this job, as usual, the week is divided into two parts. Additionally, the behavior of Wall Street whales, particularly investors in Bitcoin spot ETFs, is reviewed. Likewise, the most recent movements are reviewed to try to find possible trends for next week.
This is how Bitcoin whales traded this week
Large Bitcoin wallets, popularly known as whales, have a huge influence on the price of the currency. By mobilizing large masses of currencies, they have the ability to alter liquidity in the market and generate price variations. If you want to know the behavior of these great holders this week, we invite you to continue reading this review.
- First half of the week.
- Second half of the week.
- Behavior of Wall Street whales.
- Most recent movements.
First half of the week
During the first half of the week, the price of BTC was in a state of singular stagnation. In fact, whale activity practically came to a standstill on Monday and Tuesday. In the first part of Wednesday, some movements towards exchanges led to fears of the worst.
The fact that the whales made significant shipments to the exchanges does not necessarily mean a sale. However, it can be interpreted as an intention to liquidate. By sending their coins to the platforms, the whales’ message is clear: “if I get scared, I sell.”
During this day on Wednesday, some shipments were really worrying, such as one of 10,000 BTC to Kraken and another of 2,980 BTC to Binance. Some large shipments were also made to Bitpanda and Okex, according to data collected by CriptoTendencia.
Second half of the week
For the second part of the week, things changed radically. Specifically, from Wednesday to Thursday some positive movements began to be seen. Some outbound shipments from exchanges began to generate optimism and almost immediately the price of BTC began to react.
According to data from the Telegram bot WhaleBot Alerts, Thursday was the day with the greatest movement of shipments towards accumulation portfolios. Most of the coins that left the exchanges were divided into abundant individual transactions of between 300 and 500 BTC.
However, large shipments were also recorded, such as an departure of 17,125 bitcoins from Kraken to an unknown address. Important transactions also came out of Binance, such as one of 1,169 BTC. A shipment of 3,800 coins went out that day from Bitflyer and 5,500 came out from Okex in two almost simultaneous transactions.
These shipments, among others, were the protagonists of the rise of BTC to $103.9K on that day.
Behavior of Wall Street whales
In parallel to the direct trading movements of Bitcoin whales during the week, the large wallets on Wall Street also did the same. During the 5 days of trading on the NYSE, BTC spot ETFs saw total positive flows.
Thus, not a single day were any exits reported in these stock market products. In total, $2,565.4 million dollars entered these ETFs from Monday to Friday, according to data from the Trading Different portal.
As expected, the busiest day was Thursday, when inflows of $671 million were reported. For its part, it stands out that BlackRock’s IBIT was the main protagonist, with total weekly flows that exceeded $2.63 billion dollars. The fact that IBIT has higher income than the combined is due to the fact that some funds such as GBTC experienced several days of exits.
Bitcoin ETFs reported positive flows throughout the week. Source: Trading Different
Most recent movements
The enthusiasm that the Bitcoin whales injected among investors in the world of cryptocurrencies seems to have continuing force. In that sense, coin outflows from exchanges could extend over the next week. As you can guess, this can be considered a bullish signal for the price of BTC.
To get an idea of the possible price behavior of BTC next week, just take a look at the most recent movements.
Thus, so far this Saturday, some commercial movements of interest for the whales have been recorded. Numerous departures of between 200 and 400 BTC from exchanges such as Coinbase and Kraken are striking. However, there are also massive outflows of USDT from Binance, which could be a bearish sign.
So far there have been 4 transactions of between 1,000 and 2,500 BTC with mixed destinations.
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