Large investors seem to be at their game in the last quarter of the year, as regards moving Bitcoin. Data obtained from Bitcoin Block Bot – a crypto analytic tracker, revealed that a large entity moved 9,817 BTC in block 655,160, estimated to be worth about $838 million a few hours ago.
Why it’s 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.
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.
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), 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.