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Are Bitcoin Whales Accumulating?


Since the beginning of June, Bitcoin whales have been active, especially through the accumulation of BTC. Despite the change in strength and frequency, the trend that predominated during the first week was accumulation. However, in this article we analyze whether it continues to be the case at this time.

Summary of the activity of the BTC whales in the second week of June

At a general level, we can see that in the three days this week, the clear trend is accumulation. Monday, June 8, was the busiest, both in the number of operations and in the amounts transferred.

According to Whale Alert, Bitcoin whales amassed 12,755 BTC through four trades. If we add to this that a transfer between unknown wallets was registered for 20,000 BTC we will notice that obviously the whales started the week with force.

Likewise, it should be mentioned that until now there has only been a movement from an unknown wallet to an exchange, for 1,500 BTC, also made on Monday. Since then, Bitcoin whales have not introduced more BTC liquidity to the market.

Generally speaking, Bitcoin whales are accumulating

Then, at the general level of the week, we will notice that of the eight operations carried out, 87.5% were accumulation, thereby removing liquidity from the market.

This normally represents a boost to the Bitcoin price increase, but it depends on the volume of such trades and other external factors that could influence fundamental market analysis.

Summary table of the activity of Bitcoin whales in the second week of June 2020, where the predominant trend is the accumulation of BTC. Source: Whale Alert
Summary table of the activity of Bitcoin whales in the second week of June 2020, where the predominant trend is the accumulation of BTC. Source: Whale Alert

A total of 18,747 BTC were mobilized so far this week, and 38,747 BTC if we count the movement between wallets that we mentioned earlier. So far, at the time of writing this article, only one operation with Bitcoin has been registered.

According to Whale Alert, crypto whale transactions in general seem to be focused on stablecoins like USDT. We will have to keep a monitoring for the rest of the week and see if this trend continues or changes.

On the other hand, something that can also be said is that the exchanges used so far are several, among which Coinbase, Binance and OKEx stand out.

How has BTC behaved in this time when Bitcoin whales are accumulating?

At the time of writing, Bitcoin is valued at $ 9,811.03, which translates to an increase of 0.99% from yesterday. The net change has been an increase of US $ 97.04.

The latter could be positive for those who have been accumulating BTC for months. With this, Bitcoin could be on the verge of entering a multi-month bull run, according to a lesser-known data metric.

Specifically, we are talking about the percentage of the current supply of Bitcoin in profit. The metric is calculated by looking at the proportion of coins with a value that is higher now than when they were last moved. Said metric is currently around 87%, according to data provided by blockchain analysis firm Glassnode.

Perhaps specifying similar analyzes such as this, we have been observing the accumulation by Bitcoin Whales, which indirectly could help this projection to be fulfilled in the medium term.

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