Since the era of leading payment company, PayPal and other leading financial brands entered into the crypto space, the intensity seen by large investors had unsurprisingly soared at record levels.

Data seen by Nairametrics revealed an unknown identity moved 17,187 BTC ($268M) in block 656,521

READ: Crypto exchanges stop Ethereum withdrawals

READ: MTN reports 23% rise in FinTech revenue to launch cash deposits and withdrawals

Other News

READ: HealthPlus crisis: Partners allegedly attempt take over at head office despite court order

READ: America’s biggest food delivery app, DoorDash seeks for IPO approval

About a few weeks ago, Glassnode, a notable crypto analytic company, revealed the number of Bitcoin whales (entities holding ≥ 1K BTC) that have been on an upwards trend for the past months.

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 $BTC Reserve Risk (5d MA) just reached a 13-month high of 0.000063
  • The previous 13-month high of 0.000062 was observed earlier today

READ: A billion dollar worth of Bitcoin moved by unknown identity

READ: New report details how Nigerian fintech companies are expanding their business scopes

https://twitter.com/glassnodealerts/status/1327223636646834182?s=20

What this means; from a macro level is that the increase in the number of these large entities can be considered bullish.

  • At the time this report was drafted, Bitcoin was still trading around the $16,000 support levels, as investors have kept buying BTC at its support levels.
  • Nairametrics believes the increased buying pressures by notable institutional investors 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.

READ: Naira expected to be under pressure until backlogs for FX payments are cleared 

READ: Large entity moves Bitcoins valued $244 million