BTC whales have been moving large stacks of Bitcoins lately, triggered by the recent bullish momentum in the BTC market.
According to data obtained from BTCBlockbot, a crypto analytic tracker, an unknown whale moved 15,022 BTC in block 641,074, estimated to be roughly worth about $162 million, about 10 hours ago.
Whale alert! ? Someone moved 15,022 BTC ($162M) in block 641,074 https://t.co/fA9HpLEes2
— Bitcoin Block Bot (@BtcBlockBot) July 27, 2020
How easy is it tracking BTCs?
It should be noted that Bitcoin is not really anonymous, because all BTC transactions are kept permanently and publicly on the blockchain or ledger system. This makes it very easy for anyone to see the transactions and balances of any BTC address.
According to data obtained from Coinmarketcap, Bitcoin traded at $11,000 with a market capitalization of $202 billion, at the time this report was drafted.
Quick fact: At the BTC market, investors or traders who own large amounts of cryptocurrency are typically called BTC whales. This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 BTCs or more.
As BTC whales accumulate BTCs, the circulating supply reduces, and this can weaken any bearish trend Bitcoin finds itself in. What this means in essence is that over time, as BTC approaches its fixed supply of 21 million, it’s possible that the price of BTC will go up, with BTC’s present demand factored in.
Although it is difficult to predict market movements, Bitcoin whales have shown historically that they often determine Bitcoin’s trend.