Rich investors are moving their transactional size of cryptos at a pace not seen in recent times, amid the world’s most popular crypto trading above $16,400.
Data obtained from Bitcoin Block Bot – a crypto analytic tracker, revealed that an anonymous person moved 13,912 BTC, estimated to be worth about ($224M) some hours ago.
- At the timing of writing this report, Bitcoin traded at $16,430.34 with a 24-hour trading volume of $28,855,913,565.
- BTC price is up 5.1% in the last 24 hours. It has a circulating supply of 19 Million coins and a max supply of 21 Million coins.
What this means
Global investors and crypto-traders are now increasing their buying pressure, on this digital gold on the bias that institutional players have increased their buying pressure amid PayPal offering such services to millions of its clients, and not forgetting the crypto market is awash with cheap money coming from stimulus packages from global central banks and global inflation hitting a record high.
While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.
What you should know
- 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.