We bring you a biweekly summary of the activity of Bitcoin whales, showing their strong tendency to accumulate.
The last quarter of the year has already officially started, so it’s useful to analyze how the Bitcoin whales started it. Check out the summary we’ve prepared for you here, using Whale Alert as a reference. The most obvious thing is that hoarding is the predominant trend.
Specifically, we’ve prepared a bi-weekly summary, which makes it possible to see the big picture more fully.
Summary table of Bitcoin whale activity from 27 September 2020 to 11 October 2020, where the accumulation trend predominates. Source: Whale AlertSummary table of Bitcoin whale activity from 27 September 2020 to 11 October 2020, where the accumulation trend predominates. Source: Whale Alert: Whale Alert
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Bitcoin whales have a strong tendency to accumulate
Over the past 15 days, Bitcoin whales have mobilized a total of 173,412 BTCs through 76 operations, according to Whale Alert. As our summary shows, in that time the whales have accumulated a total of 87,687 BTCs, representing 50.57% of the total BTCs mobilized. Meanwhile, only 28.66% of this total amount has been for the supply of liquidity in the crypto exchanges or for sale.
Clearly, it is clear that Bitcoin whales have started this quarter with a significant accumulation trend. This could support Bitcoin’s growth. The reason is that by doing so, the whales are decreasing the supply of BTC in the market, and thus indirectly driving the price. With their buying trend, they’re urging other smaller players to follow their lead.
Now, if we go to the details we will notice that the flow of movements and transactions varies more or less constantly. Weekends are the days with the least activity. The three busiest days for Bitcoin whales were September 28, October 1 and October 6.
Graph showing the flow of BTC activity mobilized by Bitcoin whales in the last 15 days. Graph showing the flow of BTC activity mobilized by Bitcoin whales in the last 15 days.
In general, we can see that the whales began the month of October quite active, but then their activity decreased considerably. During the past week the busiest days were Tuesday 06/10 and Friday 09/10.
However, the predominant trend in the first one was not accumulation, but movements between unknown wallets. In contrast, on the second day there was a marked accumulation, as it was the only type of activity executed.
What influence has this had on the price of BTC?
On October 1, Bitcoin lost about US$ 400 in a matter of hours, going from US$ 10,882 to US$ 10,483. Bitcoin whales accumulated about 8,434 BTC on that day, taking advantage of the price drop.
The week continued to progress, and Bitcoin almost managed to regain its range of $10,800. However, on October 6th it fell again and lost about $300, making it one of the most traded days for Bitcoin whales.
Bitcoin price chart for the last 15 days. Source: CoinDeskPrice graph of Bitcoin in the last 15 days. Source: CoinDesk CoinDesk
Then, from October 8th until today, the price of Bitcoin has increased about 8.83% (about US$ 940). Therefore, we can understand that this is a cycle in which whales take advantage and drive much more of this growth, with the accumulation they have had.
In other words, since October 8th the accumulative trend of Bitcoin whales is more evident, and this coincides with the date when the upward trend of the cryptomone currency skyrocketed. The proof is that 33.45% of the total BTC accumulated in these 15 days, was taken to unknown wallets since that date.
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