Bitcoin Whales: A Review of the Week’s Highlights
One of the main drivers of the cryptocurrency market is these large holders. Price reactions are usually triggered by their coin movements.
Buying in the past week is already starting to pay off. During recent crashes like last week’s, we warned that there would be an increase in accumulation, which would give way to an improvement in the BTC price. Cheap whale buying paid off with Fed rate cut announcements.
Bitcoin Whale Trading Activity This Week
The whales increased their buying at an accelerated pace last week while everyone was selling bitcoin. As a result, this activity brought them significant profits this week. This allowed them to leave the sell signal at $63,000.
During the first half of the week, the whales had already moved their capital into BTC. The pullback in the price of the currency allowed them to make cheap purchases in anticipation of the possible rise at the beginning of this week.
Thus, the first part of this week saw buying by some laggard whales. On Wednesday, traders took it upon themselves to move their capital into Bitcoin, which ultimately pushed the price up. Even, as the data from WhaleBot Alerts shows, in this first half of the week, the whales have been taking their coins to the exchanges.
The latter was to prepare to take profits when they were due, and they did so for $63,000 per BTC.
By the second half of the week, the bitcoin whales had finished gathering, which was reflected in a drop in activity. Although the data reflects some significant transactions, these were not enough to cause significant price changes.
During this period, especially on Thursday, traders were in charge, causing high price volatility that day. The lack of buyers caused a slowdown and since then the price of the token has remained with little change near 63K.
Wall Street Whale Movements
Meanwhile, the institutional sector also saw some notable trade activity. Specifically, activity in bitcoin spot ETFs showed a change in sentiment among this modality of indirect investment whales.
Farside data shows that flows were positive on 4 out of 5 ETF trading days. Thursday, with $158.3 million, was the day with the highest positive flows. This came after investors digested the Fed’s decision to cut rates.
For the week as a whole, $636.7 million was added, compared to $52.7 million withdrawn.
Recent Whale Movements
Finally, the whales are still being traded, but with relatively little frequency compared to this time last week.
Over the past few hours, there have been several transactions that draw attention to a possible resurgence in buying. For example, 1,500 BTC exited Okex in one transaction. Binance also saw almost 800 BTC leaving for accumulating wallets.
Meanwhile, Coinbase has seen several large USDC transactions, suggesting buying is on the way. The BTC price, which currently remains at $63,300, does not reflect any of this.
BTC Forecast
According to CryptoPredictions, BTC price for today (09/22/2024) is predicted to be in the range of $53,687.497 – $78,952.202. Bitcoin price is expected to end today at $63,161,761.
BTC price is expected to be in the range of $52,076.872 – $76,583.636 tomorrow (09/23/2024). Bitcoin is expected to open tomorrow at $61,266.908 and close the day at $60,654.239.
By Leonardo Perez