This week, the Cryptocurrency market has been notably active, with notable price movements for major tokens. The largest cryptocurrency, Bitcoin, briefly reached $69,000, driving a significant increase in buying by Bitcoin whales.
As we recently reported in CriptoTendencia, the number of whale portfolios has reached its highest level since January 2021. According to data from specialized sites, these large investors have accumulated a considerable amount of BTC in recent months, while the purchases of retail investors have visibly decreased.
In the last month alone, whales acquired approximately 170,000 BTC, which largely explains the notable increase in the price of Bitcoin in recent days, despite the recent drop experienced this Saturday.
Bitcoin whale activity this week
To understand the magnitude of the purchases made by Bitcoin whales, it is enough to observe the behavior of the price of the cryptocurrency. In recent days, two major events caused strong bearish pressure: the conflict between Israel and Iran and the US government’s alleged lawsuit against Tether.
Despite these factors, Bitcoin has shown signs of recovery at the time of writing. Here’s a summary of the whales’ top activities this week:
- First half of the week.
- Second half of the week.
- Wall Street investor activity.
- The most recent movements.
First half of the week
In the first part of the week, the BTC price suffered a downward trend from $69,300 on Sunday to $65,400 on Wednesday. This decline coincided with significant shipments of BTC to exchanges by whales, which suggested a profit-taking strategy.
Additionally, large amounts of stablecoins were withdrawn from exchanges, limiting the possibilities for additional purchases. Many whales took advantage of the $69,000 peak as a liquidation opportunity. On Monday alone, significant transactions were recorded towards Binance, such as one of 13,126 BTC and another of 5,455 BTC, along with two additional transactions of more than 2,000 BTC each.
Second half of the week
As of Wednesday, whale activity stabilized, and they began to increase their purchases again. After the weekly low, BTC showed signs of recovery on Thursday.
Although the price did not return to $69,000, it approached this mark on two occasions, although with intermittent setbacks. Overall, the second half of the week was marked by moderate volatility, keeping BTC in positive territory for most of this period.
Wall Street Investor Activity
Another important category of investors who are considered whales, although they invest indirectly, are Wall Street portfolios. Notably, investors in Bitcoin spot ETFs made significant moves this week.
According to data from Farside Investors, BTC exchange-traded funds saw substantial inflows, totaling $976.7 million over the week. Although these inflows were smaller than the previous week, they represented important support for the market. In particular, $402 million entered on Friday, which helped avoid a more pronounced drop in the crypto market on Friday and Saturday.
Wall Street investors continued the positive streak towards Bitcoin spot ETFs. Source: Farside
The most recent movements
This Saturday, the price of BTC has recovered after the setback caused by the possible demand for Tether and the conflict between Israel and Iran. At the time of writing, Bitcoin is trading around $66,700.
However, some nervousness persists among investors, as seen in the shipments of BTC to exchanges by whales. In the last few hours, Bitfinex recorded an outflow of more than 60 million USDT, while Binance received two large transactions of 1,234 and 1,000 BTC. Still, it is early to anticipate BTC’s trend for next week.
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