Large entities are definitely up to something, with the prevailing price seen at the world’s flagship crypto.
As Bitcoin’s price trades around the $18,000 price area, an unknown whale moved 21,315 BTC ($400M) in block 660,539.
Whale alert! ? Someone moved 21,315 BTC ($400M) in block 660,539 https://t.co/jKZNIMtDR1
— Bitcoin Block Bot (@BtcBlockBot) December 8, 2020
What we know: A the time of writing, Bitcoin traded at $17,996.48 with a daily trading volume of $36,545,495,247 USD. Bitcoin is down 6.22% in the last 24 hours. Bitcoin has a market capitalization of $334 billion.
- This is an indication that more high-net-worth individuals are offloading some of their Bitcoins, in expectation of BTC price depreciation.
- However, Bitcoin accumulation has been on a constant upwards trend for months.
- Large entities are definitely taking the center stage in the fast-changing financial market amid the prevailing price seen at the world’s flagship crypto.
It’s important that Bitcoin price is dropping amid Bitcoin Percent Supply Last Active 1+ Years just reached a 5-month low of 61.050%. Previous 5-month low of 61.058% was observed earlier today.
Metric Description; The percent of circulating supply that has not moved in at least 1 year.
Previous 5-month low of 61.058% was observed earlier today
— glassnode alerts (@glassnodealerts) December 8, 2020
Bottom-line: Nairametrics believes the increased movements of Bitcoin assets by large entities are partly responsible for the relative volatility seen in the bitcoin market.