Large entities in recent times have steadily increased the manner at which they transfer the world’s flagship crypto, Bitcoin, as its price hovers above $15,000. These are triggered by crypto traders and investors rushing to have a stake in this fast-changing crypto asset.
Data retrieved from an advanced crypto track BTC Bitcoin Block Bot revealed someone moved 19,961 BTC ($307M) in block 656,351.
READ: Two strange Bitcoin whales transfer $290 million worth of Crypto
What you should know
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.
Statistics obtained from BitcoinCharts revealed that Bitcoin whale addresses actually control a much higher 7,902,469 BTC, or 42% of the total supply.
READ: List of cryptos U.S investment banks are buying quietly
- 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.
READ: 98% of Bitcoin wallets in profit, hit 2-year 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.
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Explore Data on the Nairametrics Research Website
