The last week of February was characterized by the fall of Bitcoin below its resistance level of 10,000 USD. Also, we note that a priori crypto whales seem not to have been the main cause, but it is also time to make a more thorough examination of their activity and implications.
February 23: Bitcoin Sunday for crypto whales
February 23 was a very special day to explore the movements of crypto whales, according to Whale Alert. During the day of this day we observed 16 transactions with Bitcoin. But, 15 of them were made one after the other, each for amounts of 1000 BTC, thus adding 15,000 BTC. Another thing in common is that they were made from OKEx to unknown wallets. Additionally, there was another for almost the same amount, 999 BTC in the same direction. With this we would be talking about 15,999 accumulated BTC.
Additionally, we witnessed the massive burning of HUSD tokens. In total, 12,138,610 HUSD were burned.
February 24: A burning Monday, whales sell BTC
During February 24 we can highlight that the burning of HUSD tokens continued. PAX tokens, 6,510,702 PAX, equivalent to almost 6 and a half million dollars were also burned.
As for Bitcoin, three transactions were registered, of which two were directed for sale in the Binance exchange. The third one had the same meaning, but its final destination was OKEx. The total was 2626 BTC mobilized by crypto whales, demonstrating that the accumulation observed the previous day was not the priority this Monday.
February 25: payment to a Scam with Bitcoin, token burning and accumulation of BTC for crypto whales
Last Tuesday Bitcoin was undoubtedly the protagonist of crypto whale transactions, because at that time the clear trend was the accumulation of this cryptocurrency. In six movements, the whales moved 10,749 BTC to unknown wallets.
On the other hand, over five transactions, other crypto whales also changed their Bitcoin in the market. The total was 6540 BTC. Additionally, something was reported that took many by surprise: an amount of 0.168 BTC ($ 1,557) was paid to a Sextorsion Scam, which reminds us in some way of the importance of discussing and debating Bitcoin regulation responses that both worries many governments of the world.
On the other hand, the burning of tokens of several cryptocurrencies such as HUSD, PAX and BUSD continued. In the case of HUSD, the amount was 2,027,986 HUSD; then 1,154,954 PAX (1,164,708 USD) and 1,524,360 BUSD (1,524,360 USD) were burned.
February 26: The accumulation of crypto whales continues
On this day, the highlight of the crypto whale activity is that while Bitcoin kept falling, some actors took the opportunity to continue accumulating more of this cryptocurrency. According to Whale Alert, 4737 BTCs were taken from exchanges to unknown wallets through four different transactions. One of them was made for 2000 BTC, which at that time was equivalent to USD 17,654,162.
We also witness some accumulation of altcoins such as XTZ, the most notorious example being a transaction for 196,908 XTZ (522,293 USD) from Binance to an unknown wallet.
February 27: Frights with BTC
This day there were two transactions that filled some people with momentary concern, as each one exceeded 47,000 Bitcoin, because they thought it could be an attempt to manipulate prices for crypto whales. Specifically, each was for 47,452 BTC, but then it was clarified that one was simply the change of another transaction.
The latter refers to what happens when the output of a transaction is used as the input of another transaction: it must be spent in full. Sometimes the value of the output currency is greater than what the user wishes to pay.
In this case, the customer generates a new Bitcoin address, and sends the difference back to this address. This is known as change. If it still is not entirely clear to you, you can enter here and inform yourself a little more about it.
However, these were not the only transactions with Bitcoin of this day. There were also seven movements from exchanges to unknown wallets, which denote a continuation of accumulation while the price of BTC continued its decline. In total, 5319 BTC followed this pattern. In parallel, another 3304 BTC followed the reverse path, and ended up in exchanges to be sold.
We also witness the sale of 2,621,387 XTZ (7,383,156 USD) through two movements. These tokens went to Binance, another recognized cryptocurrency exchange.
Finally, we could highlight the accumulation of BUSD and USDC. At the time, 15 million USDC and almost 6 million BUSDs were minted and transferred to unknown wallets.
February 28: Bitcoin manipulation? Rather Whale Alert error. NEO accumulation
A scare similar to the previous day occurred this day with Bitcoin as two internal transactions of 47,446 BTC each were reported. For this reason, Whale Alert was obliged to clarify that it is a mistake and that this should not happen, so they would work to solve it.
In total, 3592 BTCs moved from unknown wallets to exchanges, while another 4608 BTCs were removed from the market through four operations. With this the crypto whales continued the accumulation of Bitcoin taking advantage of the price continuing to fall. As we have mentioned in previous articles, perhaps this is due to the expectation that the price of Bitcoin will rise sharply in the middle of the year thanks to factors such as halving BTC (Halving).
Another cryptocurrency that stood out for the accumulation of its tokens was NEO. On this day, the crypto whales, using three operations, took 365,000 NEO out of Binance and took them to unknown wallets. This amount was equivalent to USD 4,169,720. Similarly, crypto whales accumulated other altcoins: 20,000,000 USDT and 642,019 XTZ.
Also, we also noticed a movement for 34,000 ETH (7,707,253 USD) taken from Bithumb to an unknown wallet. Meanwhile, we witnessed the burning of tokens of HUSD, a known stablecoin; specifically 3,643,246 HUSD.
February 29: Bitcoin is still present
Finally, on the last day of February we witness some particular activities by crypto whales. For example, the mass sale of XTZ; specifically through seven operations aimed at Binance, giving a total of 2,063,839 XTZ.
Also, when talking about Bitcoin we will notice only three transactions reported by Whale Alert and all of them ended up in unknown wallets. With this we can talk about a continuation of the accumulation shown in previous days, thus adding 3029 BTC.
During this period of time, crypto whales took advantage of the accumulation opportunity offered by the fall of Bitcoin, buying more and more of this cryptocurrency. However, this does not mean that the sales flow was not present, because while it fell there were also those who took advantage of selling at the beginning of the week to avoid greater losses of their investments in this bearish period.
Other stablecoins had the tendency of burning, to preserve their value. However, it cannot be denied that XTZ, NEO, among others also have some relevance for crypto whales.