Wealthy investors in Q1 2021 have steadily increased the manner in which they transfer the world’s flagship crypto, Bitcoin, as its price hovers above $59,000.
Data from Bitcoin Block Bot an advanced Bitcoin analytic tracker revealed an unknown whale moved 7,138 BTC worth $411 million in block 675,057 some hours ago.
Whale alert! 🐋 Someone moved 7,138 BTC ($411M) in block 675,057 https://t.co/0TvqHK5b9F
— Bitcoin Block Bot (@BtcBlockBot) March 17, 2021
When these entities accumulate Bitcoin, the flagship crypto’s circulating supply reduces, and this obviously pushes prices north arbitrarily.
This means that over time, it’s possible that as BTC approaches its fixed supply of 21 million, its price will go up, with its present demand factored in.
READ: Why Bitcoin could be worth $1,000,000
This macro brings an affirmative bias that the movements of these large entities are trajectory to price movements at unprecedented levels.
This is an indication 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.
READ: Bitcoin drops $2,000 in value after $847 million worth of BTC was moved by an entity
Just recently Meitu, a Chinese based tech startup has announced additional crypto investments, having already splurged about $40 million on Bitcoin and Ethereum at the start of March
The company revealed it has, through its subsidiary, Miracle Vision, bought another 16,000 ETH valued at around $28.4 million and 386.086 Bitcoin valued at approximately $21.6 million.
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