From February 15 to 21, Bitcoin whales have mobilized approximately 158,585 BTC through 116 operations. What interests us at the moment is to analyze what was the general performance of the whales in a week in which Bitcoin managed to exceed its maximum price and its largest market capitalization. All the data summarized here can be reviewed on the Whale Alert page on Twitter.
A week of sale for the whales? Not really
Throughout the past seven days, the whales were particularly not interested in selling their BTC. The reason may be linked to the expectation that the leading cryptocurrency will continue to gain ground, and continue its uptrend in the short term. However, this does not mean that they have not taken part of their holdings to different exchanges.
Weekly report of Bitcoin whale activity. Source: Whale Alert
First of all, we must recognize that most of the tokens mobilized by the Bitcoin whales were transferred between unknown wallets. Specifically, we are talking about 91,432 BTC, which represents 57.65% of the total mobilized in the week.
Next, we find 28,361 BTC that were accumulated by the whales. That is, this amount was taken out of exchanges and into unknown wallets. In contrast, we have that 26,563 BTC entered the market or exchanges from unknown wallets. These amounts represent 17.88% and 16.75% of the total mobilized, respectively.
With this we can intuit that although the sales trend was not predominant, it is not very far from what accumulated. Therefore, we can assume that some whales are looking to take advantage of the profits that BTC brings them in the short term. However, there are still whales that choose not to sell yet and therefore withdraw liquidity from the market. Finally, we have a record of 12,229 BTC mobilized between exchanges.
Additional details on the Bitcoin whale report
The day with the highest accumulation of BTC was Wednesday, February 17, as our summary table shows. But, the day with the most transfers to exchanges was Friday, February 19.
This was also the day with the highest amount of transfers and activity by Bitcoin whales. Both dates are important, because Wednesday was when BTC reached 50K and on Friday 55K.
Activity stream of Bitcoin whales during the week.
That is to say, the whales that accumulated on Wednesday saw Friday’s increases coming, and even sought to boost it little by little by withdrawing liquidity from the market.
Analyzing the performance of Bitcoin
As of this writing, Bitcoin is worth $ 57,412, which is a 2.77% increase over the last 24 hours according to ProBit. Also, the market capitalization is at $ 1.07 trillion.
Bitcoin price graph. Source: ProBit
If we want to see the evolution of the cryptocurrency from Monday 15 to today, we will impressively notice that it went from being close to 46K to 57K. That is, in seven days it increased the equivalent of $ 11,000. This makes the annual returns to date of 94.70%.
While in a sense it is a pointless event, it is also a major milestone on the way for Bitcoin to become a significant part of the global financial ecosystem.
The open protocol is now more valuable than Facebook and could soon overtake Alphabet, the parent company of Google or Amazon if prices continue to rise. The entire global economy is unlikely to be denominated in satoshis, even less in ‘bits’, but BTC could become a viable global reserve asset. Who knows?