BTC whales have been on the rise since the last BTC halving took place a few months ago. Data obtained from Whale Alert a crypto analytic tracker revealed that a Bitcoin whale moved 9,640 BTC estimated to be worth $102 million, some hours ago.
? ? ? ? ? ? ? ? ? ? 9,640 #BTC (102,000,105 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) October 7, 2020
BTC whales have definitely been moving large stacks of BTCs lately, triggered by the recent rush by crypto traders, and global investors to have a stake in this fast-growing flagship crypto
Bitcoin at the time of writing, it traded at $10,674.93 with a daily trading volume of $18 Billion. BTC price is up 0.8% in the last 24 hours. It has a circulating supply of 19 Million coins and a max supply of 21 Million coins
Explore Data on the Nairametrics Research Website
Why it’s happening: Global investors and crypto-traders are now cashing in on some of their profits. 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.