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Home Markets Cryptos

Large entity moves Bitcoins valued $244 million

Olumide Adesina by Olumide Adesina
October 26, 2020
in Cryptos
3 BTC whales move 140 million worth of Bitcoins from Binance
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As the price of the Bitcoin, the world’s flagship crypto breaches above $13,000 price levels, a growing amount of large entities in recent times have been increasing their transactional volume at the world’s most popular crypto.

Data obtained from Whales Alert, a crypto analytic tracker, revealed that an unknown BTC whale moved about 18,901 BTC estimated to be worth about $244 million, some hours ago.

READ: 5 major reasons it’s good to buy Bitcoin

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🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 18,901 #BTC (244,385,564 USD) transferred from unknown wallet to unknown wallet

Tx: https://t.co/8ryUg53zCK

— Whale Alert (@whale_alert) October 25, 2020

READ: PenCom okays N2.58billion for relatives of 591 deceased workers in three months

Meanwhile, at the time of writing, Bitcoin traded at $13,064.05 with a 24-hour trading volume of $18,700,010,754. BTC price is down -1.8% 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

What this means: 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 $13,000 support levels, as investors have kept buying BTC at its support levels.
  • 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: Two strange Bitcoin whales transfer $290 million worth of Crypto

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.

Follow us for Breaking News and Market Intelligence.
Tags: BitcoinBTCBusiness NewsCryptocurrencyCryptocurrency NewsWhales Alert
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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