Large entities have increased their presence in the flagship crypto market, as high net worth investors in recent times increased their pace in transferring Bitcoin.
These are catalyzed by the rush which include crypto traders and investors trying to have a stake in this rapidly growing crypto asset.
READ: List of Cryptos rich individuals are investing in
What you must know: Data obtained from Whale Alert, a crypto analytic tracker, revealed that an unknown whale moved $2 billion in a single transaction.
Whale alert! 🐋 Someone moved 91,010 BTC ($2B) in block 663,180 https://t.co/qe2fT9DldI
— Bitcoin Block Bot (@BtcBlockBot) December 27, 2020
READ: A $9 billion hedge fund seeks approval to launch Bitcoin Fund
At the time of drafting this report, Bitcoin traded at $27,096.11 with a daily trading volume of $67,707,067,332. Bitcoin is up 1.84% in the last 24 hours.
What this means: Bitcoin is fired up on all cylinders, smashing past record highs, and it seems its momentum is strengthening as mass media outlets embrace crypto coverage, on the bias that the flagship crypto rallied to an all-time high today and appears poised to take out the $28,000 level.
READ: Bitcoin’s market value now $468 billion, bigger than GDP of Africa’s largest economy
- 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.
- The timing of this movement suggests that such activity could be linked to an institutional investor amid the bias that of late, a lot of institutional players are flocking into the world’s flagship crypto market at unprecedented levels.
READ: Ripple gains over 171% last month
It’s key to observe that the address used is not linked to any crypto exchange or custody provider, suggesting an institutional investor or high net worth individual did such a transaction.
The flagship cryptocurrency is mainly decentralized, the first of its kind, and created by Satoshi Nakamoto. It was launched around January 2009.
