Bitcoin whales are known within the crypto industry for the power they have to change the price of BTC should they decide to do so. However, the way in which they usually manifest is more discreet than many would think. In this article, we’ll take a look at their most recent activity and see if Bitcoin whales can definitely push BTC past its yearly high.
Summary of whale activity
In the last 24 hours, there have been 11 trades by the Bitcoin whales, according to reports from Whale Alert on Twitter. Of these transactions, four were accumulation, three between exchanges, and the remainder introduced BTC to different exchanges.
This translates to 19,930 BTC mobilized in this same period of time. Approximately 8,439 BTC went out from exchanges to unknown wallets, 6,000 BTC moved between exchanges, and 5,491 BTC were introduced to exchanges from unknown wallets.
Thus, 42.35% of the Bitcoins mobilized by Bitcoin whales in this time accumulated. But, clearly it cannot be said that this will be the predominant trend any longer.
According to BitInfoCharts, the number of BTC addresses with more than 100 BTC is 13,819 addresses. This represents just 0.05% of the total existing Bitcoin addresses. Also, those with more than 1,000 BTC are just 2,074 addresses.
The latter is relevant considering that only 0.06% of existing Bitcoin addresses are considered whales. So far in the month of August, this percentage of actors has not had a particular maneuver that tells us that they intend to make BTC grow above its annual level.
Analyzing BTC’s Annual High and Bitcoin Whale Activity
So far that annual maximum was reached today, a few months after the Halving of Bitcoin and all the ups and downs generated in the world by the global pandemic. Specifically, at the time of writing, Bitcoin is at $ 11,858.53 according to CoinDesk, representing an increase of 1.70% in the last 24 hours.
While it is true that Bitcoin whales appear to be accumulating, it is not a trend that is indisputably predominant. However, it may be that if they continue to do so, they will help Bitcoin to hold a little higher and get closer and closer to its all-time high.