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Bitcoin whales mobilize 29,445 BTC in the last hours

Monitoring the movement of the Bitcoin whales allows us to have a partial pulse of how the market of the leading cryptocurrency is moving. Therefore, we want to show you the most updated monitoring so far, in which we have detected 29,445 mobilized BTC. The interesting thing is not the amount, which may seem a little low for what the whales usually mobilize, but the way in which they have done it.

For this, in Cryptoreportage we take into account the reports of Whale Alert on Twitter. At this point we would like to reiterate that this is only a micro look at the market, and does not in any way represent investment advice of any kind.

Bitcoin whale movements

During the day of November 5, the whales have mobilized a total of 28,315 BTC, through 17 operations. Eleven of them have been from unknown wallets to exchanges, which implies a certain trend towards the introduction of liquidity to the market of 10,949 BTC. This would be the first time in the week in which the introduction of liquidity to the market exceeds the accumulation that this day only added 1,793 BTC, through four operations.

However, during the week there have been three transfers between unknown wallets for 15,100 BTC, and one of them took place this Friday. It should be confirmed that it is not the same direction by making the same movement on different days. Finally, the last registered operation was one between exchanges for 473 BTC.

Meanwhile, during this Saturday only two operations have been detected in Whale Alert, where 700 BTC went from an Exchange to an unknown wallet. In the opposite direction, a trade was registered for 430 BTC. Thus, until the moment of publication there are 1,130 BTC registered this Saturday. With all this, we have a total of 28,315 BTC in the last 24 hours.

Brief analysis of Bitcoin

Obviously in terms of activity, this activity does not compare with Wednesday, November 3, when at least 40 operations of the Bitcoin whales were recorded. However, on this point we hope to go much deeper into our usual weekly summary. It probably had a lot to do with the highest BTC price for the week being recorded on Tuesday (above US $64K).

It has since declined, and is currently at the $ 60.6K level after losing 0.47% in the last 24 hours according to CoinDesk. The price range has remained between US $60,138 and US $61,581.

Bitcoin context

If we put the observation of Bitcoin in context we will see some things that we would not notice just by following the movement of the whales. The price of BTC has been more or less flat over the last week, compared to a 4% rise in ETH and a 23% rise in Solana’s SOL token during the same period.

“Investors are likely looking for the next catalyst for another leg to the upside, but the absence of this is likely to leave BTC vulnerable to a break below $60,000.” This according to Daniela Hathorn, analyst at DailyFX.

Bitcoin’s two bullish streaks of 2021 have been different than in previous years. A key distinction has been the lowering of the expectation of volatility. It should also be noted that recent studies suggest that the trading volume in the BTC spot market continued to decline despite the rise in its price in the last month. For this reason, it seems that for the moment the market seeks to defend the US $60K as a support level.

As we enter the weekend we invite you to stay tuned for our updates on Bitcoin and the cryptocurrency market in general.

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