Bitcoin whales are keeping up their pace in the last quarter of the year especially as prices hover over $12,800.
Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that a BTC whale moved 8,701 BTC in block 653,929, estimated to be worth about $112million, some minutes ago.
Whale alert! ? Someone moved 8,701 BTC ($112M) in block 653,929 https://t.co/IFkPwNT0wv
— Bitcoin Block Bot (@BtcBlockBot) October 23, 2020
Bitcoin price at the time of writing traded at $12,873.76 with a daily trading volume of $25,438,932,778. BTC price is up 0.9% in the last 24 hours. It has a circulating supply of 19 Million coins and a max supply of 21 Million coins
Why it is happening: Global investors and crypto-traders are now preserving some of their profits in digital assets, as the crypto market is awash with cheap money coming from stimulus packages from global central banks and global inflation hitting a record high.
While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.
Explore Data on the Nairametrics Research Website
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) that owns around 1000 coins or more.
- As BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
- 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.