- Bitcoin whales balanced sales and buys last week; limited selling prevented major price drops despite market volatility.
- Public firms Strategy and Metaplanet continued Bitcoin purchases, joined by Trump Media raising $2.4 billion for BTC.
Bitcoin experienced clear price swings last week. Large Bitcoin holders displayed a mixed pattern of buying and selling. These actions did not cause a major price drop. Sales activity stayed contained.
Public companies continued adding Bitcoin to their holdings during this period. Strategy and Metaplanet both reported new Bitcoin purchases for their corporate reserves. This consistent buying provided underlying support.
Trump Media and Technology Group (TMTG) raised $2.4 billion, stating Bitcoin purchases were part of the plan. The firm also announced plans for a new stock offering aiming to raise up to $12 billion.
Whale Activity: Accumulation Dominates Early Week
Whale trading patterns shifted noticeably day by day. Monday night saw whales start buying coins. This buying activity slowed by Thursday. While transfers happened in both directions – sending Bitcoin to exchanges and withdrawing it – withdrawals became the main trend late in the week.
Industry practice views transfers from exchanges to unknown private wallets as potentially bullish. This movement takes coins off trading platforms. Conversely, large transfers to exchanges from private wallets often imply preparation for selling. This is generally seen as potentially bearish for the price.
Data from WhaleBot Alerts showed sizable transactions Monday
One transfer moved 6,000 BTC into the Bybit exchange. Meanwhile, a larger transfer of 14,000 BTC moved out of the OKX exchange. Another substantial move sent 9,000 BTC into Bitfinex.
Following days saw further large withdrawals. Tuesday and Wednesday included a 6,400 BTC exit from Kraken and a 4,225 BTC exit from Bybit. The pattern strongly favored accumulation early in the week. Whale trading volume slowed perceptibly Thursday and Friday as smaller traders drove more activity.
Wall Street Bitcoin Funds See Volatile Flows
Investment vehicles like exchange-traded funds (ETFs), allowing indirect Bitcoin exposure for Wall Street players, recorded clear swings in investor money flows. These funds ended the week with net withdrawals overall. Only Tuesday and Wednesday saw consistent new money entering these products.
Trading Different data indicated BlackRock’s IBIT fund heavily influenced the weekly net flow. Monday saw $267.5 million leave Bitcoin ETFs. Thursday and Friday combined saw $320 million withdrawn. The positive days, Tuesday and Wednesday, brought in nearly $456 million.
Weekend Whale Watch: Slow Start
Recent large transactions suggest continued interest, albeit quieter. So far on Saturday, few individual transactions reached or exceeded 1,000 BTC. Notable transfers include 804 BTC sent to Gate.io exchange. Another potential sell signal came from 430 BTC moved to Bitfinex. Current traffic remains quite low for a Saturday.
