Wealthy investors have lately intensified their moves at an astronomical rate, with the prevailing price seen at the world’s flagship crypto hovering above $13,000.
At the time of writing, over $1.5 billion worth of Bitcoins has been transferred from one point to another in more than 15 transactions less than 5 hours ago, as tracked by Nairametrics, thus giving a signal that wealthy investors are definitely up to something.
The most recent price movement captured by Nairametrics showed a BTC whale moving about $34 million worth of cryptos to Coinbase, the world’s most valuable crypto exchange company.
Why you should know: In the crypto-verse, traders, or global investors who own large numbers of BTCs are typically called Bitcoin whales. This means a Bitcoin whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
The number of large entities owning BTCs recently reached an all-time high amid Bitcoin’s ascension. By October 25, the number of large entities owning over 1000 BTCs increased to 2,231.
Whales could be anticipating a strong medium to long-term Bitcoin price trend, and are choosing to hold on to BTC in expectation of a bull market.
What this means: much of the recent increase can be attributed to wealthy entities withdrawing their BTC from exchanges. Apparently, this is not new wealth; rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.
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.
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 upward trend for months. 2.6M $BTC (14% of supply) are currently held in accumulation addresses.
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