May is coming to an end and the Bitcoin whales mobilized a total of 179,351 BTC, through 48 operations, during the week. To give you the clearest picture, we also want to show you the highlighted trends, which represent some continuity with respect to the previous week.
For this we bring you our summary table, prepared from the Whale Alert reports on Twitter during the week. Bitcoin was struggling to break above $ 40K, but it was not possible. Therefore, we will analyze the activity of the Bitcoin whales in parallel with the performance of Bitcoin to assess if there is any correlation.
Knowing the operations of Bitcoin whales and their trends
As the summary table shows, apparently the predominant trend, at least in terms of BTC mobilized seems to be the transfer between unknown wallets. Out of a total of 179,351 BTC, 73.31% (131,488 BTC) were mobilized in this regard. For four days of the week, this was the predominant trend.
Summary chart of Bitcoin whale operations during the last week of May. Source: Whale Alert.
We also noted that the introduction of liquidity in exchanges was the second predominant trend, with 19,864 BTC mobilized from unknown wallets to exchanges. This is equal to 11.08% of the weekly total. But for four different days, the introduction of liquidity to the market was much more than the accumulation. All this probably due to the weakening of the price of the cryptocurrency.
Thus we have that the whales carried out accumulation operations for a total of 68,855 BTC (20.13%), and transfers to exchanges from unknown wallets for 63,370 BTC (18.52%). However, on May 24 and 26 this trend was weaker than the accumulation of Bitcoin.
The accumulation of Bitcoin was also recorded this week, as Bitcoin whales carried 14,704 BTC from exchanges to unknown wallets (8.20% of the weekly total). Finally, we found that 13,295 BTC went from exchanges to other exchanges throughout the week (7.41% of the weekly total).
BTC price evaluation
Reports on President Biden’s $ 6 trillion spending plan were expected to boost the price of Bitcoin, but the market remains unchanged. Even Edward Snowden had commented on his Twitter that he considered it positive for Bitcoin. So what is happening?
As of this writing, Bitcoin is worth $ 35,973, up 6.38% in the last 24 hours, according to CoinDesk. Since May 28, the market has been uncertain about when prices could rebound above US $ 40K again.
Weekly chart of the price of Bitcoin (BTC). Source: Coindesk
In the options market the story seems to be somewhat different according to Nathan Cox, chief investment officer of the crypto fund Two Prime. It’s a short-term bearish outlook, but a long-term hyper bullish mode for options traders according to him. From Bitcoin whales we can expect in June a continuation of the trends that have maintained until these last days of May.