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Cryptocurrency : Bitcoin whales have the slowest week of the year so far, in the beginning of June

Bitcoin whales started the month of June with a rather slowed down activity, when compared to previous summaries. This week there were no particularly movements between unknown wallets, and the figures for their activity were quite humble comparatively speaking.

All the data collected in this summary can be found in the Whale Alert reports on Twitter. And before I show you the details of Bitcoin whale activity, we want to highlight that this article is just a look at one of the factors that influence the price of BTC.

Summary chart of Bitcoin whale activity in the first week of June.  Source: Whale AlertSummary chart of Bitcoin whale activity in the first week of June.  Source: Whale AlertSummary chart of Bitcoin whale activity in the first week of June.  Source: Whale AlertSummary chart of Bitcoin whale activity in the first week of June. Source: Whale Alert

Bitcoin whale activity in the first week of June

Throughout the first week of June, Bitcoin whales mobilized a total of 57,451 BTC as shown in the summary table. At this time the predominant trend was the introduction of liquidity in the market, thanks to the transfer of 27,841 BTC from unknown wallets to exchanges. The above is equal to 48.46% of the weekly total.

Likewise, it was recorded that the whales accumulated 18,984 BTC mobilized from exchanges to unknown wallets. That is, 33.04% of the total mobilized by whales left the market.

Finally, we have that the whales started June moving 10,626 BTC between exchanges (18.50% of the weekly total). As you may have noticed, this has been one of the slowest weeks in months when it comes to Bitcoin whales. So it’s time to explore what happened in the context of Bitcoin.

Evaluating the performance of BTC

The Bitcoin market has had a relatively quiet week, both in price action and in demand for blockchain transactions and securities settlement. Prices have moved within a narrow range between a high of $ 39,242 and a weekly low of $ 34,942.

Meanwhile, blockchain activity in terms of active users, settled volume and transaction rates, both in the Bitcoin and Ethereum protocols, have fallen back to the levels seen in 2020 and early 2021. The Mempool congestion has largely cleared as the market remains uncertain around the bullish or bearish bias of the current market structure.

One characteristic of bull markets is the increased demand for blockchain transactions and securities settlement. The net result is that activity, transaction volumes and priority rates skyrocket. This is the result of both increased demand from investors, and the incentive for older hands to spend their tokens at higher prices. This week in particular, the growth of demand in the chain has slowed down notably.

More details about it

According to Glassnode, since January 2021, the number of active Bitcoin addresses has maintained a level of around 1.15M addresses per day, coinciding with the peak of 2017. It should be noted that in 2017, this level was only reached for a few days, before plummeting more than 33% during the first sale. The current cycle maintained this high activity in the chain for 5 months.

During the recent sell-off, the Bitcoin network experienced a reduction in active addresses, down 18% from recent highs to around 0.94M. This drop is approximately half the reduction observed in 2017, indicating that, although activity has slowed down, there is more demand than after previous macrocycles.

Putting all this together, with the observed Bitcoin whale activity, we will note that the most accurate general conclusion is that the Bitcoin market started the month of June with a rather decelerated activity.

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