Large crypto entities are definitely up to something, with the prevailing price seen at the world’s flagship crypto, Bitcoin, trading above $33,000.
As Bitcoin’s price trades above $33,000, an unknown Bitcoin whale moved about $413 million worth of cryptos.
According to Whale Trades, a crypto analytic tracker, a large crypto entity moved $412,928,523.14 (12,642.27 BTC) for a fee of $32.66 (0.00100000 BTC) some hours ago.
READ: Bitcoin more valuable than any global bank
🐋$412,928,523.14 MOVED(12,642.27 #bitcoin)fee:$32.66
📜https://t.co/vZ7x3o99Aq
🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋
🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋
🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋
🐋🐋🐋🐋🐋🐋🐋🐋🐋🐋— WhaleTrades 🐳 (@WhaleTrades) January 4, 2021
READ: Tsunami hits Bitcoin, drops $2,000
What this means: This is a signal 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 upward 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.
- At the time of writing this report, Bitcoin traded at $33,134.51 with a daily trading volume of $81.2 billion. Bitcoin is up 2.34% for the day.
READ: Over $20 billion pumped into crypto market by big investors
Also, it’s key to note, Bitcoin’s liquidity is getting squashed, on the bias that global investors are hoarding, meaning accessible BTC is becoming scarcer. 1 million Bitcoins have become illiquid this year, i.e. are held by entities that spend < 25% of coins they receive.