Bitcoin Whale Highlights of the Week
Whales carry enormous weight in market trends. Therefore, the economic direction they take will inevitably have an impact on prices.
As has been widely reported, Donald Trump’s victory in the United States played a huge role in the cryptocurrency market. The prices of major tokens spiked on the news of the election results.
A large part of the market activity was related to the movements of the so-called “bitcoin whales” in the context of the election. As expected, in this election week Bitcoin whales had a lot to contribute to the behavior of the crypto market.
First Half of the Week
The behavior of these large portfolios was cautious during the first half of the week. Doubts about the election kept some whales on the buying side, but others were in a wait-and-see mode. This led to some interesting cautionary moves. These were deliveries to the exchanges that were not sales in the end.
On Monday, around 8 transactions of over 1,000 BTC each were sent to various exchanges, mostly Binance, according to WhaleBot alerts. On the same day, there were also larger shipments, such as one of 3,466 bitcoins sent to Bitfinex and one of 30,371 BTC sent to Binance.
Tuesday also saw large shipments. However, the ratio in favor of accumulation was more pronounced. In any case, the large shipments to exchanges, as already mentioned, did not end in settlements. By Wednesday, the picture had already completely shifted in favor of outflows from the exchanges.
Second Half of the Week
Outflows from exchanges were across the board in the second half of the week. Both bitcoin whales and retail investors focused on buying coins. Notably, this trend remains strong at the time of writing.
The volume of accumulation wallet shipments drove the BTC price to several all-time highs. Following the boost from Trump’s victory, another event took place just this week.
On Thursday, the Federal Reserve announced another interest rate cut. Moreover, its chairman Jerome Powell gave a hopeful speech, triggering another boost to the crypto market and bitcoin whales’ appetite.
Wall Street Whales
Wall Street portfolios investing in spot bitcoin ETFs are another critical group of whales. On Monday and Tuesday, these investors were cautious. This was reflected in negative flows on those days, according to Trading Different’s data.
On Wednesday, there were positive flows into the ETFs. However, they were moderate as IBIT investors did not react to Trump’s victory. On Thursday, however, they did. Flows into this particular BlackRock fund were outrageous at nearly $1.12 billion.
In total, the inflows into the bitcoin ETFs amounted to $2.289 billion. Meanwhile, the outflows for the first two days of the week came to a total of $657.9 million.
Recent Commercial Movements
As mentioned above, the bullish trend in the behavior of the whales is still in place at the time of writing this article. Should the positive environment continue, it is expected that cryptocurrency prices will continue to have a good run this week.
A 5,000 bitcoin outflow from Binance stands out among the major transactions of the past few hours. As well, a couple of heavy shipments of stable coins to Binance and Kraken also stand out. There is a bullish quality to the latter types of shipments.
By Leonardo Perez