BTC whales have been moving large stacks of BTCs lately, triggered by the recent bullish momentum in the BTC market.
According to data obtained from BTCBlockbot, a crypto analytic tracker, someone moved 19,630 BTC block 638,319 estimated to be roughly worth about $185 million dollars, less than 12 hours ago.
Whale alert! 🐋 Someone moved 19,630 BTC ($184M) in block 638,319 https://t.co/lfZolRzLCR
— Bitcoin Block Bot (@BtcBlockBot) July 8, 2020
In addition, BTCBlockbot suspected that the BTC whale probably came from Coinbase moving about 19,630 BTC ($185M) in block 638,316.
Whale alert! 🐋 Someone (possibly https://t.co/jIWhXDP3O5) moved 19,630 BTC ($185M) in block 638,316 https://t.co/Rk7ySfMt8L
— Bitcoin Block Bot (@BtcBlockBot) July 8, 2020
Global investors and traders are now rushing into the BTC market as cheap money abounds, and inflation is on a record high. While it is difficult to predict market movements, BTC whales have shown historically that they often determine BTC trend.
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Quick fact: At the BTC market, investors or traders who own large amounts of bitcoins are typically called Bitcoin whales. This means that 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 BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in. Meaning that over time, it’s possible that as BTC 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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“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.
“However, the average balance held by each large holder has decreased during this period, such that whales actually hold less bitcoins now than in 2016, and less wealth (in USD terms) than in 2017,” it added.