Whale migration on the crypto market: The trading activities of major BTC investors have been increasing significantly for a few days. At the same time, the Bitcoin reserves on the stock exchanges are falling at a rapid pace. The market update.
Gradually, the crypto reserve currency seems to be getting back into shape. The Bitcoin price continues to soar undeterred and defends the recaptured 40,000 mark with a daily gain of 1.8 percent. While the BTC rate has been suffering melancholy through the sideways trend for the past few weeks, it has gained around 8,000 US dollars in value in the last seven days alone. In a weekly comparison, BTC posted a lush plus of 23 percent.
The altcoins also start the trading day under a green sign. Ethereum (ETH) and Binance Coin (BNB) can expand their price gains with 1.5 percent growth each, while Cardano (ADA) treads on the spot with a minimal increase of 0.5 percent. Dogecoin (DOGE) has increased by two percent, while Polkadot (DOT) even rose by five percent. However, the top performer among the ten largest cryptocurrencies is XRP. The Ripple-Coin gained around eleven percent in a 24-hour comparison.
Bitcoin whales stock up
The fact that the crypto market is rumbling again can also be seen in the BTC outflows, i.e. the Bitcoin withdrawals from exchanges. Due to the current price surge, some whales are moving their stocks again from the exchanges to unknown wallets. The transaction ticker registered yesterday Whale Alert three big Bitcoin transactions, each with almost 10,000 Bitcoin withdrawn from Coinbase. In total, the value was around 1.2 billion US dollars. Transactions of this magnitude have piled up in the last few days, but most of them took place between unknown wallets. Whether large investors distribute their holdings over several wallets or fill their wallets in over-the-counter OTC trading cannot be traced back. Gradually, however, the whales are reporting back from their summer vacation.
100,000 BTC withdrawn in one week
It fits into the picture that the Bitcoin reserves at the trading venues are falling again significantly. And that in a hurry. Like the graphic of the on-chain data platform CryptoQuant shows, almost 100,000 Bitcoin were withdrawn in the past week alone. The shortage is related to the price development. Bitcoin rose from $ 32,000 to $ 40,000 over the same period. The trend points to a gradually increasing demand, also among small investors.
Because even with the “small” BTC addresses there is an upward trend. If the addresses with 0.01 or more Bitcoin still fell in the wake of the market turmoil in May, they have been increasing noticeably again since mid-June and are slowly but surely approaching the record high.
The interplay of falling reserves, increasing trading activities by whales and increasing BTC addresses at least suggests that the crypto reserve currency is gently breaking free from the sluggish summer consolidation. However, the defense of the USD 40,000 mark, which has a decisive signaling effect on investors, is likely to be of great importance for a trend reversal. If Bitcoin builds enough buffers above the key brand in the coming weeks, the market could quickly heat up again.