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Large crypto entities are definitely busy at the world’s most popular financial asset right now, with the prevailing price seen at the world’s flagship crypto, Bitcoin, trading above $40,000.
- As Bitcoin’s price trades above $40,000, an unknown Bitcoin whale moved about $511million worth of the crypto.
- According to Whale Trades, a crypto analytic tracker, a large crypto entity moved $$511,370,029.5 (12,605.89 BTC) for a fee of $40.7 some hours ago.
- At the time of writing, Bitcoin traded at $40,705.31 with a daily trading volume of $64 billion. Bitcoin is up 1.62% in the day.
READ: Bitcoin Whale transfers $1.1 billion worth of crypto for $3.58
READ: Bitcoin is moving at speed of sound, within striking distance of $40,000
🐋$511,370,029.5 MOVED(12,605.89 #bitcoin)fee:$40.57
📜https://t.co/n2tNSremtm
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— WhaleTrades🐳 (@WhaleTrades) January 10, 2021
READ: Investors move over $1 billion worth of Bitcoin at an alarming rate
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.
READ: Bitcoin miners are super-rich, earn $1,000,000 per hour
- 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.
- 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.
READ: Vitafoam shares gain 9.6%, as company reports N4.11 billion as profit in 2020
awesome