The number of transactions done by whales in the world’s most important crypto market is on the rise. Data obtained from Whales Alert, a crypto analytic tracker, shows that two Bitcoin whales moved 4,503 BTCs valued around $51.99 million. The BTCs were transferred separately in the early hours of today.
Data obtained from Coin360, another crypto analytic firm, has shown that the flagship currency is presently around the $11,400 price level, with a market capitalization of about $212 billion
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Why you should know about BTC whales
In the Bitcoin world, investors or traders who own large numbers 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.
As BTC whales accumulate BTCs, Bitcoins circulating supply reduces, and this can weaken any bearish trend BTC finds itself in. This means 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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Whales could be anticipating a strong medium to long-term Bitcoin price trend, and are choosing to hold on to BTC in expectation of a bull market.
Where did all these new whales come from?
Much of the recent increase can be attributed to wealthy entities withdrawing their BTCs from exchanges. Apparently, this is not new wealth – rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.
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From a macro level, this increase in the number of BTC whales can be considered bullish.
At the time this report was drafted, Bitcoin was still trading around the $11,000 support levels, as investors have kept buying BTC at its support levels recently.