Wealthy investors in the last part of 2020 have steadily increased the manner in which they transfer the world’s flagship crypto, Bitcoin, as its price hovers above $23,000.
What you should know
Bitcoin holders are moving a significant portion of their BTC holdings, as three wealthy investors moved over 55,000 BTC worth $1.241 Billion some hours ago.
Nairametrics captured the 3 transactions as seen below:
- Someone moved 45,671 BTC ($1B) in block 661,955.
Whale alert! ? Someone moved 45,671 BTC ($1B) in block 661,955 https://t.co/IyTNdlUw9a
— Bitcoin Block Bot (@BtcBlockBot) December 18, 2020
2. Someone moved 4,599 BTC ($105M) in block 661,883.
Whale alert! ? Someone moved 4,599 BTC ($105M) in block 661,883 https://t.co/pZWv2eYUSN
— Bitcoin Block Bot (@BtcBlockBot) December 18, 2020
3. Someone moved 6,000 BTC ($136M) in block 661,877.
Whale alert! ? Someone moved 6,000 BTC ($136M) in block 661,877 https://t.co/SWL4jX0xeN
— Bitcoin Block Bot (@BtcBlockBot) December 18, 2020
When BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend that bitcoin finds itself in. This means that over time, it’s possible that as BTC approaches its fixed supply of 21 million, its price will go up, with its present demand factored in.
- At the time of writing this report, the flagship crypto traded at $23,033.70 with a daily trading volume of $40.5 billion.
- Bitcoin is up 2.05% for the day. It’s the most valuable crypto with a market value ranking $427.8 billion.
What this means
Statistics obtained from BitcoinCharts revealed that wealthy bitcoin investors actually control a much higher 7,902,469 BTC or 42% of the total supply.
- That brings an affirmative bias that the movements of these large entities are trajectory to price movements at unprecedented levels.
- 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 accumulation has been on a constant upwards trend for months.
- 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.