Stay up to date with the CriptoTendencia WhatsApp channel: Instant news about Bitcoin, Altcoins, DeFi, NFT, Blockchain and Metaverse. Subscribe!
Bitcoin whales continued this week to show their enormous potential in influencing the broader Cryptocurrency market. In this work, as usual, we present a summary of the activity of these large coin holders on a weekly basis.
It is important to remember that whales have different categories. Not to go into further details, in this work it is assumed that whales are all those wallets with 1000 BTC or more. Likewise, transactions approximately this amount of coins are mainly taken into account, considering that they are the ones with the greatest weight.
For this work, whale trade data is analyzed by dividing the week into two parts. The first part runs from Monday to the first half of Wednesday. Meanwhile, the second half runs from Wednesday afternoon to Friday. Likewise, a subtitle is dedicated to the most recent movements corresponding to Saturday’s day up to the time of writing.
On the other hand, another subtitle is also dedicated to analyzing the behavior of Wall Street whales. These are large portfolios that indirectly invest in BTC by purchasing shares of ETFs in cash of that currency.
Bitcoin whale activity this week
In this work we present a review of the commercial activity of Bitcoin whales during the last week of November. If you want to be aware of the commercial status of these investors, we invite you to continue reading this work.
First half of the week
During the first part of the week, large whale portfolio activity was relatively nervous. In fact, this was reflected in a downward trending BTC price, although retailer liquidations had a singular weight in this ebb.
In any case, during Monday and Tuesday, the price of the token fell from $98K to $90K, while the recovery began after Wednesday. In that period, WhaleBot Alerts data shows significant coin flows from unknown or accumulation wallets to exchanges. The latter translates into possible sales.
Among the strongest transactions of this first half of the week, shipments of 3,463, 3,543 and 8,255 BTC to Kraken stand out. Numerous transactions of between 1,000 and 2,500 BTC were also sent to Binance, Bybit and OKX on those days.
Second half of the week
During the second half of the week, the panorama was one of evident changes in the trading trend of Bitcoin whales. According to data from the same portal, shipments to exchanges began to slow down.
Meanwhile, transactions into accumulation portfolios became more frequent. On Wednesday, numerous transactions of between 500 and 1,000 BTC occurred to unknown wallets. However, from Thursday to Friday this trend became more evident.
Among the most notable deliveries to accumulation that likely drove up the price of Bitcoin were the outflows from Coinbase. However, other exchanges also experienced heavy withdrawals. Individual outputs stand out from Binance, such as one of 1,178 BTC on Thursday. On that same day, a transaction withdrew 6,096 bitcoins from Coinbase.
By Friday, this trend continued with relative strength. However, some deliveries to exchanges were also evident, suggesting pickups by some Bitcoin whales.
Wall Street Whale Activity
Another group of portfolios that are generally covered in this summary are Wall Street portfolios. Although they do not own BTC directly, their impact on the market is considerable. Particularly, these portfolios focus on investments in the US stock exchange’s Bitcoin spot ETFs.
According to data from Trading Different, during the week these funds experienced enormous capital flows. This trend completed a November month of record inflows, which exceeded $6.2 billion dollars.
In total, during the 5 days of trading on the stock market this week, $423 million dollars entered. These correspond to the second half of the week. In the first two days there were red numbers with outflows that totaled $558 million. There was no day on Thursday due to Thanksgiving.
Activity in Bitcoin spot ETFs closely mirrored the behavior of whales and the BTC price during the week. Source: Trading Different
Most recent movements
Finally, we review the trends of Bitcoin whales during the most recent hours. These can serve to have a rough idea about the trading of these large portfolios in the coming week.
Among the most striking transactions this Saturday at the time of writing, it stands out that the accumulation trend seems dominant. The latter suggests that the first part of next week could be a rise in the price of Bitcoin.
Although there are up to half a dozen individual mixed transactions of approximately 500 BTC each, there are also larger ones that go to exchanges. Among these, one of 1,425 BTC towards Bitfinex stands out. Likewise, a few hours ago a shipment of 3,476 BTC left for accumulation from Gemini.
Related
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
