BTC whales have been active lately since the last BTC halving unfolded, showing a large amount of transactions taking place lately in the BTC market.
According to data obtained from BTCBlockbot, an unknown BTC whale moved 10,250 BTC ($95M) in block 637,996 estimated to be roughly worth about $95million dollars, this transaction took place, less than 24 hours ago.
Whale alert! ? Someone moved 10,250 BTC ($95M) in block 637,996 https://t.co/xWaZmb2rJZ
— Bitcoin Block Bot (@BtcBlockBot) July 6, 2020
Global investors and traders are still dipping their toes in the BTC market to see how this situation unfolds. While it is difficult to predict market movements, BTC whales have always shown historically that they often determine BTCs trend.
Quick fact; At the BTC market, investors or traders who own a large amount of bitcoins are typically called Bitcoin whales. This means a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
As BTC whales accumulate bitcoins, Bitcoins circulating supply reduces, and this can weaken any bearish trend bitcoin 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.
“The price of BTC is now more than 20x higher than it was when we first saw this many whales, implying that more wealth is being held by whales,” Glassnode noted.
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“However, the average balance held by each whale has decreased during this period, such that whales actually hold less BTC now than in 2016, and less wealth (in USD terms) than in 2017,” it added.