Bitcoin Mega-Whale Selling Trend Decelerates, Nearly 180,000 Bitcoins Traded in Past Week

The Bitcoin Mega Whale performance could signal a continuation of the Bitcoin market’s trend from the last days of May.

As May comes to a close, the Bitcoin Whale traded 179,351 BTC last week through 48 participants. we are going to give you a clear explanation and showcase the prominent trends that represent a continuity with the previous week.

To that end, we bring you a summary table based on the Megawhale alert reports on Twitter during the week. In the last week it was very difficult for Bitcoin to break above $40,000, it was almost impossible. Therefore, we will analyze the activity of the bitcoin giant whale and the trend of bitcoin to assess if there is a correlation between the two.

Understanding the operation of the Bitcoin Whale and its trends. As the summary table shows, the most dominant trend, at least as far as BTC transactions are concerned, seems to be a predominance of transfers between unknown wallets. Out of a total of 179,351 bitcoins, 73.31% (131,488 BTC) were moved between unknown wallets within four days, which was the main trend last week.

Bitcoin Mega-Whale Selling Trend Decelerates, Nearly 180,000 Bitcoins Traded in Past Week

We also note that the introduction of liquidity on exchanges is the second most current trend, with 19,864 BTC being mobilized from unknown wallets to exchanges, equivalent to 11.08% of last week’s total. However, in four days, the introduction of liquidity far exceeded the accumulation of the market, all of which could be due to the weakness of the price of cryptocurrencies.

As a result, a total of 68,855 BTC (20.13%) of accumulation operations were carried out by Giant Whale, and 63,370 BTC (18.52%) were transferred from unknown wallets to exchanges. However, this trend was weaker than the accumulation of Bitcoin on the two days of May 24 and 26.

This week also recorded an accumulation of bitcoins, with the bitcoin giant whale transferring 14,704 bitcoins from exchanges to unknown wallets (8.20% of the weekly total).

Finally, we found that 13,295 BTC were transferred from exchanges to other exchanges during the week (7.41% of the weekly total).

Reports of President Biden’s $6 trillion spending plan are expected to boost the price of Bitcoin, but the overall market remains unchanged. Even Edward Snowden has commented on Twitter that he thinks the policy is good for bitcoin, so what is happening to the market?

According to CoinDesk, bitcoin is worth $35,973 as of this writing, up 6.38% in the last 24 hours. Since May 28, the market has been unsure when the price would rally above $40,000 again.

Bitcoin Mega-Whale Selling Trend Decelerates, Nearly 180,000 Bitcoins Traded in Past Week

In the options market, things seem to be a little different, according to Nathan Cox, chief investment officer at crypto fund Two Prime.

He believes that this is a short-term bearish expectation, but for options traders it is a long-term long pattern. Judging from the performance of the Bitcoin giant whale, we can expect that June will probably continue the trend of the last days of May and is worth watching.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-05-31 01:27
Next 2021-05-31 01:30

Related articles