BTC whales have been moving large stacks of Bitcoins lately, triggered by the recent bullish momentum in the BTC market.

According to data obtained from Whales Alert a crypto analytic tracker, three unknown whales moved 13,000 BTC estimated to be roughly worth over $140 million from Binance, a leading crypto exchange, some hours ago.

 

 

Why this is happening: Global investors and crypto-traders are now cashing in on some of their profits, as the crypto market is awash with cheap money coming from stimulus packages from global central banks.

Explore the Nairametrics Research Website for Economic and Financial Data

Recall Nairametrics some months ago, reported that 47 % of BTC holders were Bitcoin (BTC) whales.  As the COVID-19 pandemic resurgence disrupts the global financial market, coupled with the recent weakening of the American dollar, the number of whales, has been increasing at a steady pace after Bitcoin’s recent halving.

(READ MORE:BTC bounty: 69,000 Bitcoins worth $700 million waiting for you)

While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.

Quick fact: At the BTC market, investors or traders who own large amounts of BTCs are typically known as Bitcoin whales. This means that a BTC whale could be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.

 

Add Nairametrics on Google News
Follow us for Breaking News and Market Intelligence.