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Report: Bitcoin Whale Exchange Orders Still Trending

This Sunday, the price of BTC had a positive stretch and was placed very close to the 24K mark at times. This bullish momentum appears to consolidate recent rallies and could lead to a rally. However, Bitcoin whales continue to send coins in large numbers towards possible liquidation.

The fact that a large number of coins are making their way from unknown wallets to exchanges is worth keeping an eye on. Generally, these movements anticipate a possible liquidation. But it should be clear that this is not always the case.

Either way, large hoarders will continue to be a factor in the price of virtual currencies. For this work, data is taken from Whale Alert and from Telegram’s WhaleBot Alert. For its part, their interpretation is the responsibility of this medium. As always, it is worth clarifying that all the data is available on the network.

Bitcoin whales continue to send coins to exchanges

The fact that large Bitcoin holders, or whales, continue to send orders to centralized exchanges (CEX) is of great relevance. These transactions cannot be taken lightly or downplayed, since they have the possibility of sale attached to them. In that sense, this could impact the price of BTC downwards.

The trend of shipments from unknown wallets to the CEX has been maintained for several weeks. Now a large number of coins are ready to take profit at any time.

While shipments to CEXs should not be simply interpreted as a price drop, that probability cannot be ruled out either. In other words, the closer the bitcoins are to the exchanges’ wallets, the greater the chances of liquidation.

Be that as it may, the Bitcoin whales continue to send coins to the exchanges. Meanwhile, the opposite movement, that is, accumulation, continues to lose space. The data of the last days shows that the whales are with their finger on the trigger.

Whale data from January 24 to 29

According to the data analyzed in recent days, the Bitcoin whales have a great inclination towards the possible sale of their coins. It is possible that many of these investors will move towards CEXs to take advantage of the returns of some products. But at the same time, they could be ready to take the gains from the recent rallies.

Taking this complex scenario into account, it stands out that of the 91,096 bitcoins moved between January 24 and 29, 60.4% moved towards possible sale. This is a staggered increase compared to the two previous reports. In them it was observed that shipments to exchanges were 38.5% and 55.97% respectively.

The accumulation side (orders from CEX to unknown portfolios) shows a strong downward trend. In the two previous reports it was 32.8% and 29.8%. Now, as the image below shows, it was placed at 29.7%. For their part, transactions between unknown wallets represented 7.9% and transactions between exchanges 1.8%. These last two are almost irrelevant to the price. The margin of error is 0.2%.

To have a cruder idea, it should be kept in mind that of the 91,096 BTC moved in those days, 55,080 BTC are in danger of liquidation on the stock exchanges. Bitcoin whales could continue to feed the current price trend, but they could also stop it at any time by taking profit.

Bitcoin whales keep sending coins to CEXs
Despite positive Bitcoin price growth, whales continue to move funds dangerously towards exchanges. Source: Whale Alert/WhaleBot Alert

A fake BTC rally?

To review the theory of whales a bit, it must be said that shipments from CEX to unknown wallets, in 100% of cases, positively affect the price. This is because the coins move away from the exchanges and, with it, from the possibility of being sold.

At the other extreme, when they are sent from unknown wallets to exchanges, it can mean two things: that the whales are investing in CEX products to earn commissions or that they are preparing the sale.

Thus, if the current rally in the Bitcoin price were fully consistent, bitcoins would be flowing towards the accumulation trend and not in the current direction. Hence, investors must make their moves with the utmost prudence. It should be noted that the movements of the Bitcoin whales are not the only factor influencing the price of that currency.


  • For this work, transactions of 500 BTC and above were taken into account.
  • When whales move BTC between exchanges, it’s usually for arbitrage. This allows them to make a profit with the BTC price differential shown by the different platforms.

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