At present, the price of BTC remains around US$ 9,400. That is why it is valid to review what the activity of Bitcoin whales has been in the last 24 hours and determine what its trend could be from now on.
So far, Bitcoin whales have had accumulation flows, especially in the first weeks of June as recorded by CryptTrend in the corresponding reports.
Bitcoin whales in the last 24 hours
However, the story is different now. Only four operations have been recorded by Bitcoin whales in the last 24 hours, according to Whale Alert.
None of these operations have been accumulative, as they all ended up in exchanges in one form or another, specifically Binance and Xapo. Specifically, they have moved from one exchange to another.
In total, 5,917 BTCs were mobilized, if we consider that 1,850 BTCs were moved in a kind of bridge from Xapo to Binance. That is, a whale passed 1,850 BTC from Xapo to an unknown wallet, and then sent them to Binance.
So, the conclusion is that they’re not really having an influence on what’s going on in the market. The few trades recorded show that the whales that accumulated in previous weeks are still waiting for a substantial change in the market in order to seek profit.
So what is influencing the price of BTC?
According to Asim Ahmad, co-investment manager of Eterna Capital:
“Bitcoin has regained balance, possibly following the recovery in the global stock markets.”
At the time of writing, Bitcoin has increased by 1.10% from the price it had a day ago. This is believed to have been generated by the change in sentiment on Wall Street yesterday.
The reason for this positive change is the U.S. Federal Reserve which announced that it would start buying even more corporate bonds. Similarly, Bloomberg announced that the Trump administration is preparing a nearly $1 trillion infrastructure proposal.
While this may seem positive in the long term for BTC, the truth is that in the short term, it remains vulnerable to losses in the stock markets.
At this point we know that Bitcoin has been closely monitoring the traditional markets, especially during episodes of COVID-19-induced panic, such as last March.
Bitcoin volatility could increase due to this upcoming event
Final comments: what will happen to BTC?
From a technical analysis perspective, a clear break above US$ 10,000 is needed to confirm a bullish break. This is something that Bitcoin whales may have a hand in.
With Bitcoin whales being the largest investors, they have the power to change this reality and help BTC break above $10,000. What happens is that they seem to have been accumulating bitcoins for that purpose.
We can confirm this by reviewing a recent Glassnode report, where it is estimated that there are 2,151 addresses with a balance of over 1,000 BTC. This is the highest since mid-March, which translates into an increase of almost 3% in the last two months.