Discover the accelerated pace that Bitcoin whales have had in the last 24 hours. More than 95,000 BTC have been mobilized! What does it mean?
If you thought you’d seen it all with Bitcoin, wait until you see what the whales have done in these 24 hours. At the time of writing, there are about 77 operations that yield a total of 95,884 BTC transferred by Bitcoin whales. They have definitely come out, but with what strategy, trend or motive? Find out.
As this article is being written, there are whales moving their BTCs around non-stop. Proof of this can be found in Whale Alert’s constant updates. Between January 4th and 5th, 2021, 41 and 36 operations have been performed with BTCs respectively. Here is a summary table about it.
Bitcoin dropped $6,600 in a matter of hours, but it seems that the bulls didn’t care too much
Bitcoin whale trend analysis for the last 24 hours
Summary table of Bitcoin whale activity during the last 24 hours. Source: Whale AlertSummary chart of Bitcoin whale activity for the past 24 hours.
According to the summary, the highest percentage of cryptomonies have moved between unknown wallets and from exchanges to unknown wallets. In other words, BTC sales are not predominant, and on the contrary, whales seem to be taking liquidity and supply out of the market. With this notorious influence, Bitcoin may have some pressure to increase.
In these 24 hours, Bitcoin whales have introduced only 13,701 BTCs to the exchanges and market, while they’ve taken out 28,346 BTCs. That’s a difference of 14,645 BTC. Therefore, it can be concluded that supply cannot supply demand, since there is a considerable deficit. This is something that we have been noticing since institutions have turned to investing in BTC, and thus the bullish race has taken off until taking Bitcoin to new highs.
However, something also notable is that 50.11% of the total mobilized has been among unknown portfolios. Probably institutions or exchanges that seek to bring together the BTCs they hold or have. The important thing is that they do not seem to have any intention of selling it in the near future.
What has happened to BTC in this period of time?
In the last 24 hours, Bitcoin has increased by 4.95%. Since the beginning of 2021 it has grown by 16.59%. It has also reached US$ 34,435.42, but at the time of writing it’s worth approximately US$ 33,868.85. The interesting thing is that during January 4 it experienced a slight setback, which led BTC to touch US$ 29,000, but this did not last long.
According to CoinMetrics, the average commission paid per transaction has been US$ 9.39 in the last 24 hours. This seems amazing considering the millionaire movements of the whales, which in total have managed to exceed 95,000 BTC. If we multiply that amount by the price BTC has at the moment we think you would see many zeros on the right.
Impressive, isn’t it?
The higher-than-average spot volume, even over the last month, is helping to push BTC’s price up. The signs of exhaustion that appeared in December were absorbed through a brief consolidation phase. In addition, there are no major signs of active ’selling‘ at the moment.
What can we expect from the big players in the crypt world?
Since December 31st, Bitcoin’s real volatility has risen again, from 55.5% to 63.3% on Monday, an increase not at all uncommon in recent times. But this is something that traders are following.
„From a technical standpoint, things have been overbought for a while,“ said Andrew Tu, an executive with the quantitative trading firm Efficient Frontier. „The overall trend is still upward and it seems unlikely that this will change, although the pace may not be as it was during the holiday season.