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.
— WhaleTrades ? (@WhaleTrades) January 4, 2021
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.
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.