A growing number of powerful investors in recent times have been increasing their transactional volume in Bitcoin’s market, triggering the flagship crypto to trade above the $19,000 price level.
Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that an unknown BTC whale transferred 16,280 BTC ($315M) in block 661,411.
Whale alert! ? Someone moved 16,280 BTC ($315M) in block 661,411 https://t.co/MlIFQzzexm
— Bitcoin Block Bot (@BtcBlockBot) December 15, 2020
At the time of writing, Bitcoin traded at $19,462.87 with a daily trading volume of $23,522,197,603. Bitcoin has been up 2.05% in the last 24 hours, and remains the most valuable crypto by market value worth $361 billion. It has a circulating supply of 18,571,331 BTC coins and a max supply of 21,000,000 BTC coins.
What this means: From a fundamental perspective, the increase in the number of these large investors can be considered bullish.
- At the time this report was drafted, Bitcoin was still trading around the $19,000 support levels, as investors have kept buying BTC at its support levels.
- Nairametrics believes the increased buying pressures by notable institutional brands are partly responsible for the non-dilutable crypto’s recent highs, while it is difficult to predict market movements. BTC whales have shown historically that they often determine the BTC trend.
- As BTC whales accumulate BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in. This means that over time, it’s possible that as BTC approaches its fixed supply