Large entities are presently increasing their presence at the world’s most valuable crypto market, as Bitcoin breaches below the $19,000 price level.
What we know: Data obtained from Bitcoin BlockBot, a BTC analytic tracker, revealed that a Bitcoin whale moved 21,846 BTC valued at around $414 million.
Whale alert! ? Someone moved 21,846 BTC ($414M) in block 659,963 https://t.co/K6vN5m8qX0
— Bitcoin Block Bot (@BtcBlockBot) December 4, 2020
At the time of writing this publication, the flagship crypto traded at $18,798.43 with a daily trading volume of $35.3 billion. Bitcoin is down 2.95% in the last 24 hours. It’s presently ranked the most valuable crypto by market value, with a market capitalization of $349 billion.
It has a circulating supply of 18,562,518 BTC coins and a maximum supply of 21,000,000 BTC coins
Why this is happening
Crypto traders and investors are now cashing in on some of their gains, as recent price action reveals the flagship crypto broke the key support level of $19,000 amid record inflows coming from institutional investors.
Recent, data from Glassnode revealed BTC Active Supply 2y-3y (1d MA) just reached a 3-month high of 2,548,131.371 BTC.
- The previous 3-month high of 2,542,341.460 BTC was observed on 04 December 2020.
- The amount of circulating supply last moved between 2 years and 3 years ago.
Previous 3-month high of 2,542,341.460 BTC was observed on 04 December 2020
— glassnode alerts (@glassnodealerts) December 5, 2020
Explore Data on the Nairametrics Research Website
What this means
While it is difficult to predict market movements, large entities have shown historically that they often determine the crypto trend.