It’s no longer news that Bitcoin whales play a major role in the world’s flagship crypto market. Nairametrics has placed great importance in tracking these large entities, as their trail usually precedes valuable insights on the prevailing price trend of Bitcoin.
What we know: Data obtained from Whale Alert, an advanced crypto analytic tracker, revealed that 2 BTC whales moved 9,018 BTC estimated to be worth about $100million, to Okex, a fast-growing crypto exchange, some hours ago.
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? ? ? ? 4,500 #BTC (47,421,755 USD) transferred from unknown wallet to #OKEx
— Whale Alert (@whale_alert) September 21, 2020
? ? ? ? ? 5,018 #BTC (52,325,006 USD) transferred from #Xapo to #OKEx
— Whale Alert (@whale_alert) September 21, 2020
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Quick fact: 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, its circulating supply reduces, and this can weaken any bearish trend that BTC finds itself in. This means that over time, it’s possible that as Bitcoin approaches its fixed supply of 21 million coins, the price of BTC will go up, with BTC’s present demand factored in.
READ: Bitcoin whale transfers 11,230 BTC worth $116 million
Much of the recent increase can be attributed to wealthy entities withdrawing their BTC from the exchange. Apparently, this is not new wealth – rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.
From a macro level, this increase in the number of BTC whales can be considered bullish. While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.
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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.
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