Are Bitcoin whales accumulating BTC again?
Discover the activity of the Bitcoin whales during this weekend, are they accumulating BTC right now? Find out in this article.
With all the boom in Bitcoin prices, we decided to review the activity of Bitcoin whales. To do so, we took the Whale Alert reports over the weekend as a reference. Specifically, we’ve been monitoring their activity from November 20-24. Are Bitcoin Up whales accumulating BTC again? Let’s see.
First of all, we have to point out that during this period of time there have been 46 operations with Bitcoin. The total mobilized was 67,508 BTC, and 49.14% of the total was accumulated. This translates into 33,176 BTC. The day with the most accumulation was November 20th, as 11,949 BTC were mobilized from exchanges to unknown wallets.
Meanwhile, 18,804 BTCs were moved from unknown wallets to exchanges, which implies a possible sale during this time. However, it still does not exceed the accumulated amount. Here it is worth noting that whales usually don’t have much movement on weekends, but in this one they stayed.
Summary chart of Bitcoin whale activity, where it is evident that they have been accumulating during these days. Summary chart of Bitcoin whale activity, where it is evident that they have been accumulating during these days.
Bitcoin Whale Activity Flow Chart
Bitcoin whales have maintained a more or less constant activity. However, what can be noticed is that it has been on the rise, reaching 30,137 BTC on November 24th. The peculiarity of this day is that there were two operations between unknown wallets unlike the previous days.
Bitcoin whale activity flow from November 20 to 24, 2020.Bitcoin whale activity flow from November 20 to 24, 2020.
Bitcoin at a step from the historical maximum, is a correction coming?
What’s happening with the price of BTC?
As of this writing, the price of Bitcoin is around USD 19,169, which is a 5.01% increase from yesterday. In that sense, it’s understandable to see that Bitcoin whales are accumulating BTC.
The whales that sell BTC at the moment are those that have been waiting for this bullish rally for quite some time. With this event, finally Bitcoin is close to witnessing the reach of its historical maximum, and maybe breaking it.
No wonder we keep seeing Bitcoin whales active, and taking liquidity out of the market, in order to produce a rise in the price of BTC.
Do you think the Bitcoin whales will continue this build-up or will they simply introduce their currencies into exchanges? Let us know in the comment box.