Some days ago, Nairametrics had earlier reported on the impact BTC whales had on the flagship cryptocurrency market, explaining in details the magnitude of their influence .
Data seen from Jonny Moe, a crypto expert shows that Bitfinex’s order book data showed a big buyer (or buyers) is stepping in. He shared an image on his Twitter feed to illustrate his point.
— Jonny Moe (@JonnyMoeTrades) June 27, 2020
It shows that seemingly, a single player or small group of players has stacked Bitcoin buy orders between $8,600 and $8,800. The orders are at such a size that the trader who shared the chart called the entity a “whale.”
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After weeks of consolidation, BTC decisively broke below $9,000 few hours ago. The flagship cryptocurrency plunged as low as $8,800 on leading crypto exchanges, leaving many investors and traders caught unaware.
Why you should know BTC whales: In the Bitcoin world, investors or traders who own a large number of Bitcoins are typically called Bitcoin whales. This means a Bitcoin whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
As BTC whales accumulate BTCs, Bitcoins circulating supply reduces, and this can weaken any bearish trend BTC finds itself in. Meaning that over time, it’s possible that as Bitcoin approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.
However, data seen also from Skew.com showed that more than $20 million worth of longs positions on BitMEX alone were liquidated during this move lower. This adds to theestimated $50 million in longs liquidated earlier this week as BTC fell from ~$9,400 to $9,000.