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
READ: Jaiz Bank reports 45.3% profit increase in H1 2020, involved in 21 litigations
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 18,901 #BTC (244,385,564 USD) transferred from unknown wallet to unknown wallet
— 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.