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This week was marked by major upheavals in the Cryptocurrency sector, especially starting on Wednesday. The prices of both Bitcoin and the rest of the alternative currencies suffered a strong decline, the consequences of which are still being felt. As expected, Bitcoin whales had a huge impact on these events.
These large holders moved large amounts of coins, which caused huge volatility in the BTC price. As is well known, the statements of the Chairman of the Federal Reserve, Jerome Powell, were the signal of liquidation among some powerful whale portfolios.
However, these large investors do not act as a monolithic group. This means that while some liquidated, others saw the matter as a great opportunity to rearrange their investments.
If you want to know more details about the whale activity this week, we invite you to continue reading this work.
Bitcoin whale activity this week
This work reviewing the activity of Bitcoin whales during the week, as always, we divide it into four subheadings. In the first two of them, the commercial activity of the whales in the first and second half of the week is evaluated. The third subtitle is dedicated to Wall Street whales, while the last subtitle addresses the most recent movements.
- First half of the week.
- Second half of the week.
- Wall Street Whales Trading.
- Most recent movements of whales.
First half of the week
During the first half of the week, the price of the largest cryptocurrency experienced a significant rise. Since Monday, the token rose from $101K to new all-time highs of $108,268 on Tuesday. This rise was accompanied by a strong injection from whales and also from retailers.
On Wednesday, although the price fell noticeably, it remained above $104K. But it was on that same day that the liquidation began following statements by the president of the Federal Reserve, Jerome Powell.
Thus, in the first days of the week the outflows of BTC from the exchanges were formidable. The latter was particularly evident during Tuesday’s session. As data from WhaleBot Alerts shows, exchanges like Bybit led the whale accumulation trend.
Second half of the week
As of Wednesday, specifically after Powell’s statements, the matter changed perceptibly. Bitcoin whales operated numerous settlement transfers. Although the forms were maintained on Wednesday with BTC recovering $100K after a brief drop, the strongest decline occurred on Thursday.
In the first part of Friday that liquidation trend continued. Generally speaking, retailers in combination with whales made massive sales. Among the most striking is a shipment of almost 5,000 bitcoins to Kraken on Thursday. Bitfinex, BitMEX and other exchanges also saw several inbound transactions of 1,000 or more BTC.
The result of these shipments was the sharp drop in the price of Bitcoin. However, on Friday the whales changed their strategy to buy cheap. That allowed BTC to recover some of the lost ground.
Wall Street Whales Trading
Another group of whales with a great impact on the price of Bitcoin are those of Wall Street. Particularly, these are the portfolios that invest in the spot ETFs of the largest cryptocurrency. These whales, as usual, were responsible for avoiding a major collapse.
As data from Trading Different shows, $1.395 million dollars entered these funds between Monday and Wednesday. Meanwhile, during Thursday and Friday, in the midst of liquidations, outflows totaled $766 million.
Despite heavy sell-offs in the spot market, outflows from ETFs were not dramatic. The latter ended up generating confidence in the market and allowed BTC to consolidate.
BTC ETFs performed positively during the week despite the red numbers on Thursday and Friday. Source: Trading Different
Most recent movements of whales
To get a rough idea of what the Bitcoin price trend will be next week, it’s worth taking a look at the whales. The most recent activity of these large investors allows us to have a clearer vision of what their intentions are.
In advance, it can be said that expectations go from positive to mixed judging by BTC transactions so far on Saturday. For example, two combined transactions of almost 3,500 bitcoins landed on Kraken. Another 1,595 BTC was sent to Bybit.
These latest movements cooled the departures of almost 5,000 BTC from the exchanges in the first hours of the day. For now, the invitation is to continue monitoring the behavior of the whales this weekend. This will help to have a clear view on the possible performance of the crypto market next week.
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