Big whales are definitely up to something, with the prevailing price seen at the world’s flagship crypto.
As Bitcoin’s price trades above $13,000, an unknown Bitcoin whale moved more than $1 billion worth of cryptos.
According to on-chain data Blockchain, the said whale moved 88,857 BTC — worth roughly $1.15 billion — for a fee of only 0.00027847 BTC, or $3.58 at the time of writing. The coins were confirmed in block 654,364 on Oct. 26.
READ: Two Bitcoin whales transfer 4,503 BTC, as Bitcoin stays above $11,400
What you should know
- Bitcoin, at the time of this publication, traded at $13,085.43.
- With a daily trading volume of $21.4 billion, BTC price is down -0.1% in the last 24 hours.
- It has a circulating supply of 19 million coins and a max supply of 21 million coins.
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That said, it’s critical to note these large entities are on record highs amid last week’s price ascension. Statistics obtained from BitcoinCharts revealed that Bitcoin whale addresses actually control a much higher 7,902,469 BTC, or 42% of the total supply.
Explore Data on the Nairametrics Research Website
- That brings an affirmative bias that these large entities’ movements are trajectory to price movements at unprecedented levels.
This is an indication that more high-net-worth individuals are entering the space to invest in Bitcoin, in expectation of $BTC price appreciation. - Bitcoin accumulation has been on a constant upwards trend for months.
- 2.6M $BTC (14% of supply) are currently held in accumulation addresses.
READ: Large entity moves Bitcoins valued $244 million
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.
What this means from a macro level is that the increase in the number of these large entities can be considered bullish.
