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Bitcoin whales mobilize 131.7K BTC in less than 48 hours How do they close the year? – CVBJ

We are gradually approaching the end of 2021, and it is precisely at this point that it makes sense to analyze how the Bitcoin whales are closing the year. To do this, we briefly analyze his performance over the past few hours. As always, this activity should be put in context to better examine the status of not just the whales but the market as a whole.

Before we proceed, we need to make it clear that all of the data contained in this release will be available for review on the Whale Alert page and on Twitter. This is just a micro-approximation of one of the factors that can affect BTC’s performance, but it’s not the only one.

Bitcoin whale activity recap to gauge how they are finishing the year

From this Monday to the time of posting, Bitcoin whales have mobilized a total of 131,709 BTC in 18 operations. Most of them were done on December 27th, which means that a total of 106,504 BTC was mobilized on that day, albeit with a few peculiarities that we will analyze below. On this Tuesday there were then two movements with a total of 25,205 BTC.

On the surface, the predominant trend seems to be the transfer between unknown wallets at 110,978 BTC at this point in time. This would correspond to 84.26% of the total in these last hours. It should be noted, however, that there were eight operations in this regard on Monday, four for 15,047 BTC and another four for 10,158 BTC. It should be checked in detail whether these quantities are repeated in the next few hours.

On December 28, these amounts were repeated, but not in the same vein, as 15,047 BTC went to an exchange from an unknown wallet, indicating a possible sale. Meanwhile, the amount of 10,158 BTC has been repeated. These would be the two operations registered on that day at the time of publication.

In addition, the accumulation during this period lags behind at 3,684 BTC, mobilized through six operations from exchanges to unknown wallets. Ultimately, only one transaction between exchanges was recorded for a total of 1,000 BTC.

While the time frame is not long enough to confirm a continuing trend, it is clear that there is no definitive accumulation or sale. The foregoing then leads us to delve a little into the evolution of Bitcoin as a cryptocurrency for a more complete and complex picture.

Understand the performance of bitcoin

Bitcoin finished the year up 70.24% after experiencing a turbulent and volatile 2021. Proof of this is that it has lost about 7.54% of its price in the last 24 hours to hit $ 47,830, and yet the progress is impressive.

A new all-time high, bullish race, and all of this amid the continuation of the crisis that began with the COVID-19 pandemic. New innovations, regulations in China, a whole year to remember if you own Bitcoin or any other cryptocurrency.

According to Glassnode, “Looking back at 2021, it seems like a year that can best be described as macro-consolidation with a large, albeit volatile, timeframe.” We couldn’t have used better words. Another interesting fact that we can highlight is that long-term holders added 1,846 million BTC to their holdings this year, while the supply of short-term holders has decreased by 1,428 million BTC.

Meanwhile, “total miners’ turnover has increased by 58% to date and by more than 440% since halving in May 2020”. All of this suggests that although the recent correction from the all-time high has gone down, there is some tendency to hold on to BTC. An increasing proportion of the offer was also placed with an unrealized loss, according to the cited report.

More details to keep in mind as we near the end of the year

The currency balances changed very little net over the course of the year. Foreign exchange reserves have fallen from 2.623 billion BTC at the beginning of the year to 2.56 billion BTC. According to Glassnode, this corresponds to a net decrease of 67.8 thousand BTC, a reduction of only 2.5% compared to the original balance.

We can see this behavior more clearly in the net volume of entry / exit of exchanges, which oscillated between ± 5k BTC in 2021. In fact, we have seen another reversal in net trade outflows to net trade inflows over the past week. In the short term, it is important to observe whether the trend weakens or intensifies at the turn of the year.

Given that bitcoin whales are the addresses with the highest amounts of BTC, it is normal for this to be the first place we can monitor these cash outflows or inflows on the exchanges.

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