Bitcoin’s price range has hovered between $ 60,345 and $ 61,431 in the last 24 hours, according to CoinDesk. Meanwhile, Bitcoin whales maintain trends that we want to show you, especially regarding the even more marked slowdown in their accumulation. In this scenario where Bitcoin has already managed to exceed 60K, we can speculate on what the whales could do next with their BTC and for this, we analyze their activity this week.
Bitcoin whales continue with a sustained trend of introducing liquidity to the market, to take advantage of the rise in the price of BTC and obtain benefits. Source: Whale Alert
Bitcoin Whale Activity: Is There A Sustained BTC Sell Trend?
The first thing to highlight is that in the last week, the whales mobilized a total of 56,447 BTC through 71 operations. The predominant trend in terms of BTC mobilized was the introduction of liquidity to the market. This is because 24,619 BTC went from unknown wallets to exchanges. The above is equal to 43.61% of the weekly total.
The second most marked trend so far has been accumulation, with a total of 20,331 BTC transferred from exchanges to unknown wallets. The latter is equal to 36.01% of the total accounted for.
Finally, we must say that transferring between exchanges was the weakest trend. Thus, they mobilized 11,527 BTC (20.42% of the weekly total). From all the above it could be said that the whales are interested in selling their tokens at current market prices.
Bitcoin context and performance
A few days ago, the U.S. Securities and Exchange Commission (SEC) gave the green light to BTC futures ETFs in an industry first on Friday. ProShares, which introduced its Bitcoin Strategy ETF last summer, could be the first to launch soon. This evidently drove the price of Bitcoin further, as it would represent easier access for the masses to do business with Bitcoin.
Under federal law, the SEC can limit itself to allowing an application to go into effect, rather than making a formal announcement.
Proponents of a Bitcoin ETF believe that the product will be more accessible to people interested in BTC than the cryptocurrency itself. The reason is that this option offers investors a regulated alternative to the underlying digital asset. However, the first product will follow the Bitcoin futures, rather than the BTC price directly.
All this coupled with what we have mentioned about the summary of the activity of the Bitcoin whales indicates that the trend of BTC will most likely remain bullish in the short term.