Large entities are fast increasing their transaction sizes in the world’s most important crypto market at a spontaneous rate.
Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that someone (probably from Coinbase) moved 12,565 BTC in block 650,441, estimated to be worth about $133million, some hours ago.
READ: BTC bounty: 69,000 Bitcoins worth $700 million waiting for you
Whale alert! 🐋 Someone (possibly https://t.co/jIWhXDP3O5) moved 12,565 BTC ($134M) in block 650,441 https://t.co/y0ut480wyw
— Bitcoin Block Bot (@BtcBlockBot) September 29, 2020
READ: Satoshi Nakamoto’s unspent BTCs worth $10.9 billion
Why it’s happening; It should also be noted that the amount of BTCS on major crypto exchanges has hit its lowest levels in about two years meaning a new generation of investors, crypto traders are putting its money in it for the long term.
While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.
There’s no reason to sell now when you have large institutional investors like MicroStrategy, Grayscale Investments buying the world’s flagship crypto
READ: Bitcoin whale moves 88,989 BTC worth $1 billion
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.
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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.