Large entities in recent weeks have increased their pace in transferring cryptos at the world’s most popular crypto market. These are catalyzed by the rush which includes crypto traders and investors trying to have a stake in this fast-changing crypto asset.
Data obtained from Whale Alert, a crypto analytic tracker, showed unknown Bitcoin whales moving over $280 million in more than eight separate transactions within 24 hours ago.
READ: Two Bitcoin whales move $100 million worth of cryptos to OKEX
The latest transfer was captured here.
🚨 1,028 #BTC (11,676,204 USD) transferred from #Huobi to #Binance
— Whale Alert (@whale_alert) October 17, 2020
Backstory
Some days ago, Glassnode, a popular crypto analytic company, reported the number of Bitcoin whales (entities holding ≥ 1K BTC) that have been on an upwards trend for the past months.
This is an indication that more high-net-worth individuals are entering the space to invest in Bitcoin, in expectation of $BTC price appreciation.
READ: Bitcoin whale transfers 11,230 BTC worth $116 million
- Not forgetting that Bitcoin accumulation has been on a constant upwards trend for months.
- 2.6M $BTC (14% of supply) are currently held in accumulation addresses.
- Accumulation addresses are defined as addresses that have at least 2 incoming txs and have never spent BTC.
- What this means from a macro level is that 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 $11,000 support levels, as investors have kept buying BTC at its support levels.
READ: Ripple owners say XRP will be worth $100
What this means
Nairametrics believes the increased buying pressures by notable institutional brands are partly responsible for the non-dilutable crypto recent highs, while it is difficult to predict market movements. BTC whales have shown historically that they often determine the BTC trend.
READ: Crypto: Large investors transfer over 700,000 Ethers
What you should know
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.
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