Bitcoin whales have been moving large stacks of Bitcoins at record levels, as 2020 draws to an end.
This is triggered by the strong bullish momentum in the BTC market amid significant sell-offs seen in major altcoins like XRP, Stellar, Ethereum, Cardano, and EOS.
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According to data obtained from BTCBlockBot, a crypto analytic tracker, an unknown whale moved 15,022 BTC in block 662,678 estimated to be roughly worth about $281 million, about 10 hours ago.
Whale alert! ? Someone moved 11,999 BTC ($281M) in block 662,678 https://t.co/UYwVlmYdOR
— Bitcoin Block Bot (@BtcBlockBot) December 23, 2020
READ: Bitcoin drops $900 after hitting a lifetime high
What you must know: At the time of drafting this report, Bitcoin traded at $22,990.06 with a daily trading volume of $52 Billion. Bitcoin is down 3.20% in the last 24 hours. It’s the most valuable crypto asset by the market value of $427 Billion.
- It’s key to understand that tracking Bitcoin wallet activity is not really anonymous because all BTC transactions are kept permanently and publicly on the blockchain or ledger system. This makes it very easy for anyone to see the transactions and balances of any BTC address.
- At the flagship crypto market, investors or traders who own large amounts of cryptocurrency are typically called BTC whales. This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 BTCs or more.
- As BTC whales accumulate BTCs, the circulating supply reduces, and this can weaken any bearish trend Bitcoin finds itself in.
READ: XRP drops 14% over lawsuit from U.S Securities and Exchange Commission
What this means: Over time, as BTC approaches its fixed supply of 21 million, it’s possible that the price of BTC will go up, with BTC’s present demand factored in.
Although it is difficult to predict market movements, Bitcoin whales have historically shown that they often determine Bitcoin’s trend.
READ: Crypto millionaire carts away with $224 million worth of Bitcoin
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Hi olumide with this analysis if Bitcoin how can you be a mentor on Bitcoin trading
By move, is it that he bought and stored or he sold the ones he did stored. Thanks, awaits your response.