Bitcoin whales are definitely having the limelight in the fast-changing financial market amid the prevailing price seen at the world’s flagship crypto.
As Bitcoin’s price trades above $15,800, an unknown Bitcoin whale moved more than $105 million worth of cryptos.
What we know
At the time this report was drafted, Bitcoin traded at $15,830.60 with a daily trading volume of $39 Billion.
BTC price is up 12.1% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 million coins.
- That brings an affirmative bias that the movements of these large entities 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.
- Also, data retrieved from Glassnode, shows the number of Bitcoin addresses in profit hit an all-time high,
- Bitcoin $BTC Addresses in Profit (1d MA) just reached an ATH of 31,933,663.208
- Previous ATH of 31,921,216.875 was observed earlier today
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.