The number of transactions done by large entities in the worldās most important crypto market is on the rise.
Other News
- From the Boardroom to the Kitchen; Cooking with Gamechangers is Bringing Ghana’s Finest to the Fire
- Hallmark HMO to Convene Healthcare Leaders on Sustainable Healthcare Solutions at the 5th Stakeholders Engagement Forum
- Norwegian Deputy Minister Leads Innovation-Focused Visit to Lagos, Signalling Growing Confidence in Nigeria’s Entrepreneurial Ecosystem
Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that a BTC whale moved 15,987 BTC in blockĀ 649,777, estimated to be worth about $166 million, recently.
READ: Bitcoin whale transfers 11,230 BTC worth $116 million
Whale alert! š Someone moved 15,987 BTC ($166M) in block 649,777 https://t.co/VAta1uVOcH
— Bitcoin Block Bot (@BtcBlockBot) September 24, 2020
BTC whales have been moving large stacks of BTCs lately, triggered by the third BTC halving that occurred some months ago.
Much of the recent increase can be attributed to wealthy entities withdrawing their BTCs from crypto exchanges. Apparently, this is not new wealth; rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.
READ: Buying signs: Ethereum whales increase their Ether holdings by 84%
From a macro level, the increase in the number of these large entities can be considered bullish.
At the time this report was drafted, Bitcoin was still trading around the $10,500 support levels, as investors have kept buying BTC at its support levels.
Explore the Nairametrics Research Website for Economic and Financial Data
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, Bitcoinās circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
READ: Bullish Signs: 2.6 million Bitcoins are being held on crypto exchanges
Meaning that over time, itās possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTCās present demand factored in.
