Are Bitcoin whales lifting up the price once again?

Bitcoin whales are on the move again, and the movement ripples took sweet time to get into action after the Chinese traders came back into action today. On the 24th of January, the first major selling action was witnessed when as reported by the Whale Alert service.

The first Bitcoin whales move came with a transaction of 5,000 BTC worth over 42 million United States (US) dollars from an unknown wallet to cryptocurrency exchange Poloniex.

Bitcoin whales buying and selling trend

Several more transactions were recorded on the same day, including the 1558 BTC transaction to Binance, 748 BTC transactions to Huobi, and 976 BTC transactions to Coinbase with a collective worth of over 32 million US dollars.

 

On the following day, another set of Bitcoin whale transactions was recorded along with a major Tether transaction that has long been associated with the Bitcoin price movement.

On the 25th of January, three transactions worth 2269 BTC, 605 BTC, and 4826 BTC collectively worth over 71 million US dollars were recorded along with an over 10 million dollars worth of Tether (USDT) transaction to Bitfinex.

The trend slowed down on the 26th of January when Whale Alert recorded only two transactions originating from Xapo. The first transaction was worth 600 BTC, while the second transaction was worth 1000 BTC.

 

Moreover, the following day remained just as slow, when only two transactions worth 1000 BTC and 1200 BTC were recorded from Xapo to Bitstamp while another transaction of 600 BTC from an unknown wallet to Bitstamp was recorded.

The pattern changed a little bit on the 28th of January when another set of three major Bitcoin transactions was recorded. However, this time two transactions were from exchange to wallet marking a buy action. However, not very surprisingly, even the transaction amount matches the transactions made during the previous two days, i.e., 600 BTC, 1200 BTC, and 602 BTC, making them just as suspicious.

Bitcoin whales are considered to be the major player responsible for Bitcoin price manipulation and large amounts of Bitcoin transfers to exchange mark selling orders. Selling orders keep the transaction history alive, and once the sale is marked, the trading volume is considered to have a key role in the price movement.

Looking at the trend this time around, the flash price hike in Bitcoin price is not completely marked by the Bitcoin whales movement. The amounts moved were not large enough to instigate any major price move and coupled with the fact that Chinese traders were out of the loop after the Coronavirus epidemic had a combined effect on the market.

Featured image by QuoteInspector