BTC whales seem to be cashing in now on the world’s most valuable crypto asset.
Data obtained from BTCBlockbot, a crypto analytic tracker, “Whale alert! Someone moved 88,989 BTC in block 642,034” estimated to be roughly worth about $1 billion dollars, recently.
BTC whales have been moving large stacks of BTCs lately, triggered by the recent bullish momentum in the BTC market.
Whale alert! 🐋 Someone moved 88,989 BTC ($1B) in block 642,034 https://t.co/nolEdW7Dcp
— Bitcoin Block Bot (@BtcBlockBot) August 3, 2020
Why it’s happening: Global investors and crypto-traders are now cashing in on some of their profits, as the crypto market is washed with cheap money coming from stimulus packages from global central banks, and global inflation hitting a record high. While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.
Quick fact: At the BTC market, investors or traders who own large amounts of bitcoins are typically known as 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.
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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.