It is no longer news that BTC whales have been on the rise since the last BTC halving took place a few months ago. Data obtained from BTCBlockbot, a crypto analytic tracker, revealed that a Bitcoin whale moved 11,230 BTC in block 647,817 estimated to be worth $116 million, a few hours ago.
At the time this report was drafted, Bitcoin traded at $10,342.99 with a daily trading volume of $20.4 billion. BTC price is up 0.6% in the last 24 hours.
Why it’s happening: Global investors and crypto-traders are now cashing in on some of their profits, as the crypto market is awash 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.
As BTC whales accumulate BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in. This means 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.