Cryptocurrency
There Are Now 1800 BTC Whales
From a macro level, this increase in the number of BTC whales can be considered bullish.
At the BTC market, BTC whales have been increasing at a steady pace after Bitcoin’s recent halving, as data seen from Glassnode show that there are currently more than 1,800 Bitcoin (BTC) whales.
Quick fact about 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.
Whales could be anticipating a strong medium to long-term Bitcoin price trend, and are choosing to hold on to BTC expecting a bull market. Eichholz explained:
“Where did all these new whales come from? Much of the recent increase can be attributed to wealthy entities withdrawing their BTC from exchanges. Apparently, this is not new wealth – rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.”
READ ALSO: 83% of BTCs addresses are smiling to the Bank
From a macro level, this increase in the number of BTC whales can be considered bullish.
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.
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According to Glassnode:
“While there is no single explanation of what caused these large holders to withdraw their BTC from exchanges, [Bitcoin exchange outflows] suggests that whales may have used Black Thursday as an opportunity to get in at the bottom and then withdraw their bitcoin to HODL for the longer term in anticipation of the next Bull Run.”
Cryptocurrency
$414 million worth of Bitcoin moved by a large entity
A Bitcoin whale has moved 21,846 BTC valued at around $414 million.
Large entities are presently increasing their presence at the world’s most valuable crypto market, as Bitcoin breaches below the $19,000 price level.
What we know: Data obtained from Bitcoin BlockBot, a BTC analytic tracker, revealed that a Bitcoin whale moved 21,846 BTC valued at around $414 million.
Whale alert! 🐋 Someone moved 21,846 BTC ($414M) in block 659,963 https://t.co/K6vN5m8qX0
— Bitcoin Block Bot (@BtcBlockBot) December 4, 2020
At the time of writing this publication, the flagship crypto traded at $18,798.43 with a daily trading volume of $35.3 billion. Bitcoin is down 2.95% in the last 24 hours. It’s presently ranked the most valuable crypto by market value, with a market capitalization of $349 billion.
It has a circulating supply of 18,562,518 BTC coins and a maximum supply of 21,000,000 BTC coins
Why this is happening
Crypto traders and investors are now cashing in on some of their gains, as recent price action reveals the flagship crypto broke the key support level of $19,000 amid record inflows coming from institutional investors.
Recent, data from Glassnode revealed BTC Active Supply 2y-3y (1d MA) just reached a 3-month high of 2,548,131.371 BTC.
- The previous 3-month high of 2,542,341.460 BTC was observed on 04 December 2020.
- The amount of circulating supply last moved between 2 years and 3 years ago.
📈 #Bitcoin $BTC Active Supply 2y-3y (1d MA) just reached a 3-month high of 2,548,131.371 BTC
Previous 3-month high of 2,542,341.460 BTC was observed on 04 December 2020
View metric:https://t.co/ov1FrjgNQz pic.twitter.com/ft1lMZ92FP
— glassnode alerts (@glassnodealerts) December 5, 2020
What this means
While it is difficult to predict market movements, large entities have shown historically that they often determine the crypto trend.
Cryptocurrency
Ripple drops over 10% amid profit-taking
XRP traded at $0.565884 and is down by 10.12% in the last 24 hours.
Ripple’s digital token XRP is presently under pressure amid selling pressure seen lately across the crypto market spectrum.
At the time of writing, XRP traded at $0.565884. XRP is down by 10.12% in the last 24 hours. It still remains the third most valuable crypto with a market value of $25.7 billion. It has a circulating supply of 45,334,295,892 XRP coins and a maximum supply of 100,000,000,000 XRP coins.
Over the past two weeks, crypto traders have pushed XRP prices lower by more than 20%. The volume of Ripple traded in the last 24 hours was about $10 billion. Nairametrics suggests that such moves are prevailing now as investors cash in on some of their gains after the crypto gained more than 170% in November alone.
What you should know
XRP was designed by Ripple mainly to perform speedy, less costly, and more scalable alternative transactions for both crypto assets and existing monetary payment platforms like SWIFT.
- Ripple owns more than half of the total supply of XRP. In late 2017, the company vowed not to sell all of its tokens (XRP) at once, keeping up to 55 billion XRP in protected escrow accounts.
- Ripple (XRP) plays a dual role as a payment platform and a currency. The platform is an open-source platform that is created to allow quick and cheap transactions.
Meanwhile, Ripple’s CTO has reaffirmed that the company can be forced by an overwhelming number of market participants to upgrade its processes, regardless of if it agrees with the decision or not, hinting at its strong democratic principles and responding to critics who accused it of often manipulating the process in regards to the liquidity and pricing of XRP. He said:
“There would be nothing Ripple could do to stop that from happening. Public blockchains are very democratic. If the majority wants rules to change, there is nothing the minority can do to stop them.”
Yes. There would be nothing Ripple could do to stop that from happening. Public blockchains are very democratic. If the majority wants a rules change, there is nothing the minority can do to stop them.
— David Schwartz (@JoelKatz) December 2, 2020
Cryptocurrency
3 wealthy crypto investors move over $400 million worth of Bitcoin
Three unknown entities moved Bitcoins estimated to be worth about $400 million, in three separate transactions.
A growing number of wealthy investors in recent times have increased their transactional volume at the Bitcoin market.
This is, however, triggered by the recent rush of notable institutional brands and investors rushing to have a stake in this digital asset.
READ: Dangote Cement market capitalization increased by 28% to cross N3 trillion mark in November
- Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that three unknown entities moved Bitcoins estimated to be worth about $400 million, in three separate transactions, some hours ago.
The 3 transactions are captured in the tweets below:
Whale alert! 🐋 Someone moved 5,192 BTC ($101M) in block 659,830 https://t.co/IznoUAKgRD
— Bitcoin Block Bot (@BtcBlockBot) December 3, 2020
READ: N117 billion approved by FG for road rehabilitation
Whale alert! 🐋 Someone moved 8,643 BTC ($167M) in block 659,790 https://t.co/O4OcaRjK22
— Bitcoin Block Bot (@BtcBlockBot) December 3, 2020
READ: Ripple suffers highest day percentage loss since September 3
Whale alert! 🐋 Someone moved 6,476 BTC ($125M) in block 659,783 https://t.co/RWz99cFEn4
— Bitcoin Block Bot (@BtcBlockBot) December 3, 2020
READ: Nigeria needs $3trillion in 30 years to reduce infrastructure deficit – Osinbajo
- At the time of writing this publication, the flagship crypto traded at $19,285.38 with a daily trading volume of $32 billion.
- Bitcoin is up 1.41% in the last 24 hours.
- It is ranked the most valuable crypto by market value, with a valuation of $358 Billion.
- It has a circulating supply of 18,561,562 BTC coins and a maximum supply of 21,000,000 BTC coins.
READ: Crypto robber sends out over $5 million worth of stolen Bitcoins
Recent data seen from Glassnode, reveals a contraction of supply action at the bitcoin market is pointing towards a bullish bias, taking to account Bitcoin Active Supply 5y-7y (1d MA) just reached a 2-year low of 860,282.802 BTC.
- The previous 2-year low of 860,344.389 BTC was observed on 03 December 2020.
- Metric Description: The amount of circulating supply last moved between 5 years and 7 years ago.
Explore Data on the Nairametrics Research Website
📉 #Bitcoin $BTC Active Supply 5y-7y (1d MA) just reached a 2-year low of 860,282.802 BTC
Previous 2-year low of 860,344.389 BTC was observed on 03 December 2020
View metric:https://t.co/1iBTMZ79br pic.twitter.com/RbFkmLMgTV
— glassnode alerts (@glassnodealerts) December 4, 2020
READ: Zenith Bank posts PBT of N177.3 billion in 9M 2020
What to expect
Nairametrics anticipates increased buying pressures by such large entities are partly responsible for the crypto recent highs. While, it is difficult to predict market movements, such investors have shown historically, price patterns often determines the BTC trend.
READ: United Capital Plc raises N15 billion through Commercial Paper
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