During this last week all the players except the Humpback have disposed of BTC, which reflects the sharp decline in the price of these last 7 days.
There is an increase in the amount of BTC in the Humpback category, which for the most part are exchanges, both in the daily 6218 BTC period, as well as in the weekly 71579 BTC, as well as in the monthly period, which means that users are sending their bitcoin with the intention of selling them, which has put downward pressure on the price of BTC.
This movement of capital has two main causes; A first has been an important sale due to exogenous factors, mainly Elon Musk’s tweet indicating that he stops accepting bictoin for the purchase of Tesla cars and the FUD that this has caused and a second derivative that supports the decrease is that we are in a Alt Session and some users are selling part of their BTC to buy Altcoin.
The whales yesterday monopolized 996 BTC and the price from yesterday to today has appreciated by 4% but its behavior during the last 7 and 30 days has been for sale although it is most likely that they have divided their BTC in several addresses with less capital and that is observed in the table of Bitcoin address since the addresses of the whales have fallen -18 in the last week and -63 in the last 30 days. The rest of the actors have also reduced their addresses due to these BTC shipments to the exchanges (Humpback)
The Sharks have been the only ones to increase their position in the last month due to the deviations of the whales and because they believe that the drop in BTC price is a good buying opportunity.
Both Fish, Crab and Shrimp have sold in the fall following the market trend, the only exception is the change of operations in this last day the Fish (10-100 BTC) that have bought 832 bitcoin pushing the price up.
To drive the rise, it would be important that the flow of BTC to the most important exchanges was negative, that is, that users began to withdraw more bitcoin than they entered because it assumes that they are sending them to their wallets with the intention of keeping them short and medium term.
The information in this post is not investment advice. Act under your own criteria.
Categories: Bitcoin, Coins, Distribution, Trading
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