Large entities in the Bitcoin market have begun moving a significant amount of the world’s most popular crypto at the start of 2021.
Data retrieved from Whale Alert, an advanced crypto tracker, revealed a large entity transferred 12,000 BTC worth $350,442,906, from Unknown wallet to Unknown wallet.
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? ? ? ? ? ? ? ? ? ? 12,000 #BTC (350,442,906 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) January 2, 2021
READ: Unknown address moves 91,010 Bitcoins valued at $2 Billion in block 663,180
- Bitcoin price today is $29,777.00 with a daily trading volume of $40,498,742,724.
- Bitcoin is up 2.07% for the day.
READ: Crypto: Large investors transfer over 700,000 Ethers
What you should know
At the Bitcoin market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whale.
- This means that a BTC whale would be an individual or business entity (with a single Bitcoin address), that owns around 1000 coins or more.
- As BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
- Meaning that over time, it’s possible that as BTC approaches its fixed supply of 21 million – the price of BTC will go up, with BTC’s present demand factored in.
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Crypto fans are cheering Bitcoin as an inflation hedge in an era of unprecedented amounts of quantitative easing triggered by many central banks globally.
Also, leading household names in finance that include Paul Tudor Jones and Stanley Druckenmiller endorsed it as an alternative asset, adding to the rally. Not forgetting listed U.S brands like MicroStrategy Inc. and Square Inc. that moved their cash reserves into crypto in search of better returns than what near-zero interest rates deliver.
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Also, a leading crypto expert, Willy Woo, via his Twitter handle, hinted that Bitcoin’s price could still rally higher on the bias that the
- “Inventory depletion on spot crypto exchanges has stopped, signifying the re-accumulation phase of this macrocycle is likely to complete. If this cycle mimics the last, inventory on exchanges will increase, as retail starts entering in large numbers, attracted by the price rises.”
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