A growing number of wealthy investors in recent times have increased their transactional volume at the Bitcoin market.
This is, however, triggered by the recent rush of notable institutional brands and investors rushing to have a stake in this digital asset.
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- Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that three unknown entities moved Bitcoins estimated to be worth about $400 million, in three separate transactions, some hours ago.
The 3 transactions are captured in the tweets below:
Whale alert! 🐋 Someone moved 5,192 BTC ($101M) in block 659,830 https://t.co/IznoUAKgRD
— Bitcoin Block Bot (@BtcBlockBot) December 3, 2020
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Whale alert! 🐋 Someone moved 8,643 BTC ($167M) in block 659,790 https://t.co/O4OcaRjK22
— Bitcoin Block Bot (@BtcBlockBot) December 3, 2020
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Whale alert! 🐋 Someone moved 6,476 BTC ($125M) in block 659,783 https://t.co/RWz99cFEn4
— Bitcoin Block Bot (@BtcBlockBot) December 3, 2020
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- At the time of writing this publication, the flagship crypto traded at $19,285.38 with a daily trading volume of $32 billion.
- Bitcoin is up 1.41% in the last 24 hours.
- It is ranked the most valuable crypto by market value, with a valuation of $358 Billion.
- It has a circulating supply of 18,561,562 BTC coins and a maximum supply of 21,000,000 BTC coins.
READ: Crypto robber sends out over $5 million worth of stolen Bitcoins
Recent data seen from Glassnode, reveals a contraction of supply action at the bitcoin market is pointing towards a bullish bias, taking to account Bitcoin Active Supply 5y-7y (1d MA) just reached a 2-year low of 860,282.802 BTC.
- The previous 2-year low of 860,344.389 BTC was observed on 03 December 2020.
- Metric Description: The amount of circulating supply last moved between 5 years and 7 years ago.
Explore Data on the Nairametrics Research Website
📉 #Bitcoin $BTC Active Supply 5y-7y (1d MA) just reached a 2-year low of 860,282.802 BTC
Previous 2-year low of 860,344.389 BTC was observed on 03 December 2020
View metric:https://t.co/1iBTMZ79br pic.twitter.com/RbFkmLMgTV
— glassnode alerts (@glassnodealerts) December 4, 2020
READ: Zenith Bank posts PBT of N177.3 billion in 9M 2020
What to expect
Nairametrics anticipates increased buying pressures by such large entities are partly responsible for the crypto recent highs. While, it is difficult to predict market movements, such investors have shown historically, price patterns often determines the BTC trend.
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