As August comes to a close, a mysterious investor moved a large amount of Bitcoin.
Based on data gathered from an advanced Bitcoin tracker, more than 20,045 BTC worth $945 million was moved in block 698,357.
Whale investors — those with wallets holding at least $50 million — raised their holdings throughout June, July, and the first half of August, according to reports. This suggests that price volatility is imminent.
What you should know
A Bitcoin whale is typically an investor or trader who owns a large number of Bitcoins in the cryptoverse. Bitcoin whales are individuals or businesses with more than 1000 Bitcoins (on a single Bitcoin address).
Bitcoin’s low cost in comparison to conventional transfer systems has given it an edge over commercial banks that can charge up to 1% or more to facilitate a transaction.
Crypto’s flagship, Bitcoin, has been struggling to hold its support above the 200-day moving average.
In the minutes leading up to publication time, the cryptocurrency was trading at approximately $47,100 and is essentially flat as of press time.
The major purchaser of Bitcoin, MicroStrategy, has accumulated more than 100,000 Bitcoins worth roughly $3 billion. According to recent reports, the business intelligence company acquired 3,900 Bitcoins over the summer, a component of the $10 billion in Bitcoins purchased between late June and August by whale investors.
As a result, bullish sentiment is renewed amid growing accumulation sentiment among the whales in August, suggesting that wealthy investors view current Bitcoin price levels as favourable to place bullish bets.
In the coming days, the price of Bitcoin will likely remain range-bound as investors continue to favour alternative cryptocurrencies.
The price of Bitcoin is often determined by these powerful entities, which are difficult to predict.
