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A week of enormous volatility in the crypto world comes to an end. Retail investors and leveraged derivatives market traders took a real beating following BTC’s sharp price movements. At the same time, large Bitcoin investors or whales took advantage of the moment.
This week’s events once again show the enormous influence that whales have on the price of BTC. And it is not only the large investors who own tokens in wallets, but also the wealthy wallets of Wall Street. Indirect whales also played a pivotal role in stabilizing BTC.
If anything, profit-taking by some huge whales allowed the price to drop. This situation caused large liquidations of long positions and led to a huge sell-off by skittish retail investors. The latter worsened the price situation, which lost $95K in a matter of hours.
However, where retailers see problems, Bitcoin whales see opportunities. The low price allowed large holders to buy at a discount, which broadly led to the BTC price once again recovering to $100K.
Bitcoin whale activity this week
In this work, as usual, we review the commercial activity of whales. To do this, we divide the week into two parts to have a clearer vision. We dedicate a third subtitle to the whales of Wall Street, specifically to the holders of shares of the BTC spot ETFs. Finally, a fourth subheading addresses the most recent movements, allowing a rough view of the upcoming week.
- First half of the week.
- Second half of the week.
- Weekly activity of Wall Street whales.
- Most recent commercial movements.
First half of the week
As reported by CriptoTendencia and other media, the first part of the week was one of enormous drama for Bitcoin investors. Some whales got tired of waiting for the break of $100K and opted to trade limited profit taking. As reported above, this led to nervous selling by retailers and a massive liquidation of long leveraged positions.
During the last stage of trading on Monday and all day on Tuesday, BTC and Altcoin prices experienced sharp declines. Meanwhile, the whales took the opportunity to collect some profits that they would later reinvest when the price hit the bottom.
This activity is clearly illustrated in the on-chain data reflected in WhaleBot Alerts. Exchanges such as Kraken, Coinbase, and Binance are among the largest recipients of transactions over 1,000 BTC. Likewise, stablecoin outflows also reached important levels in this first half of the week.
Second half of the week
On Wednesday, BTC inflows to exchanges suddenly stopped, and the trend began to change rapidly. The trigger for this was the CPI inflation report in the United States. For Bitcoin whales, this report was the signal that the BTC price would not drop further.
At this point, acquisitions became massive and both whales and retailers turned to purchasing. Some outflows from the CEX on Wednesday were huge, such as one of 2,843 bitcoins from Bybit. Added to this are huge inflows of USDC to Coinbase.
From this last exchange, an outflow of 8,000 bitcoins was reported in a single transaction. Starting Wednesday and continuing into Friday, buying pressure became formidable, allowing the price of Bitcoin to stay above $100K.
Weekly activity of Wall Street whales
In the field of whales that indirectly invest in Bitcoin through the shares of Bitcoin spot ETFs, the matter left no room for doubt. The experience of these investors was evidenced by the fact that the sell-off earlier in the week did not worry them at all.
As Trading Different data shows, during all trading days on the stock market, positive flows dominated. In total, during the 5 days of trading, $2.2 billion dollars entered the Bitcoin spot ETFs.
This institutional push was, in part, one of the reasons why the price of BTC did not fall further. The fact that they did not reduce the pace of purchase reflected enormous confidence in the price of BTC, which soon spread to the rest of the market.
Positive flows into Bitcoin ETFs remained consistent throughout the week. Source: Trading Different
Most recent trade movements
As you can see, the atmosphere in the crypto market went from total pessimism to general optimism. Behind all this volatility were the movements of the big Bitcoin whales. At the time of writing, the price of BTC remains above $101K.
Meanwhile, the whales’ most recent fund movements suggest a relatively positive position. Outflows from exchanges are enormous, although there are also significant shipments to these platforms.
Among the most striking transactions of the last few hours, several outbound transactions of between 400 and 600 BTC from Binance and Coinbase stand out. For its part, entries to important CEXs are also reflected, such as one of 672 BTC towards Kraken. So far, the largest outflow occurred a few hours ago, with a transaction of 8,000 BTC from Binance into an accumulation wallet.
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