This week, Bitcoin whales maintained an improved trading pace. However, they still remain at semiannual lows.
This week, Bitcoin whales showed some signs of improvement in terms of trading volume. Despite this, this measurement remains below the range of the second semester. All this indicates that large investors prefer to stay on the sidelines.
This behavior of slight improvement coincides with the new attempt to recover the price of BTC. The pioneering digital currency was placed above $27,000 per unit for a few days. However, it didn’t take long for him to lose that support. At the time of writing, its price is $26,500.
For this report, as always, data was taken from the Whale Alert and WhaleBot Alerts sites. Likewise, their interpretation was carried out using the classic whale analysis method. It should not be lost sight that only individual transactions of 400 BTC or more are counted in this report. All data shown is public and can be verified on the network.
Bitcoin whales on the sidelines
Although large Bitcoin investors, or whales, showed signs of improvement in their trading pace, they are still far from the pace of the first half. In the first half of the year, the price of the queen currency exceeded 80% performance, allowing a boom in commercial activity.
However, since July, the problems began to become evident to investors. The mood wore thin and the price of the currency entered a phase of stagnation that later turned into a bearish trend. The impact among large investors is mirror-like and they prefer to keep their fortunes with little movement to avoid greater losses.
In that sense, they choose to send “small sums” to the exchanges to obtain returns with some financial options that they offer. The latter is the reason why most of the coins moved are sent towards the CEX, which marks a contrast to the general volume. Currently, most users are withdrawing their coins from these platforms.
BTC and ETH volume on centralized platforms are at multi-year lows. In any case, Bitcoin whales maintain their trading in a different lane than the average volume of the virtual currency market.
This is how currencies moved this week
This week, large holders showed a trend of improving trading volume. However, as already highlighted, they are still far from the weekly average even for the second semester, which has been notably low.
This week, these investors moved a total of 141,402 bitcoins in all addresses spread over individual transactions of 400 or more coins. Of that amount, 80,930 were sent to centralized exchange wallets, that is, for possible settlement. This is equivalent to 57.23% of all currencies traded in the week within the aforementioned range.
On the other hand, of that same weekly total, 47,442 BTC were moved to unknown or accumulation portfolios. This represents 33.55% of all BTC tokens traded. At the same time, 13,030 BTCs moved between wallets of different exchanges, representing 9.21%. This is an unusually large percentage for this category, suggesting high arbitrage activity.
With this in perspective, it can be said that Bitcoin whales showed signs of improving. Despite this, the price of the currency is in a complex stage in which investors find no motivation to enter.
