A growing amount of large entities in recent times have been increasing their transactional volume at the world’s most popular crypto, triggered by the recent rush by crypto traders and global investors to have a stake in this fast-growing flagship crypto.
Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that two unknown BTC whales moved about 26,000 BTC estimated to be worth about $290 million, in two separate transactions, however at the same block a few days ago.
READ: Two Bitcoin whales move $100 million worth of cryptos to OKEX
Explore Data on the Nairametrics Research Website
Whale alert! 🐋 Someone moved 10,500 BTC ($115M) in block 651,998 https://t.co/MtfyBpcTGR
— Bitcoin Block Bot (@BtcBlockBot) October 9, 2020
Whale alert! 🐋 Someone moved 15,987 BTC ($176M) in block 651,998 https://t.co/d45PIQhCsI
— Bitcoin Block Bot (@BtcBlockBot) October 9, 2020
READ: Why Warren Buffett’s company is buying shares of a gold mining company
What this means; From a macro level, the increase in the number of these large entities can be considered bullish.
At the time this report was drafted, Bitcoin was still trading around the $11,000 support levels, as investors have kept buying BTC at its support levels.
- Nairametrics believes the increased buying pressures by notable institutional brands are partly responsible for the non-dilutable crypto recent highs while it is difficult to predict market movements. BTC whales have shown historically that they often determine the BTC trend.
READ: Square buys $50 million worth of Bitcoins
Quick fact: At the BTC market, investors or traders who own large amounts of Bitcoins are typically known as Bitcoin whales
- This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
- As BTC whales accumulate BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
- This means that over time, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.
