The number of transactions done by large entities in the world’s most important crypto market is on the rise.
Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that a BTC whale moved 15,987 BTC in block 649,777, estimated to be worth about $166 million, recently.
Whale alert! 🐋 Someone moved 15,987 BTC ($166M) in block 649,777 https://t.co/VAta1uVOcH
— Bitcoin Block Bot (@BtcBlockBot) September 24, 2020
BTC whales have been moving large stacks of BTCs lately, triggered by the third BTC halving that occurred some months ago.
Much of the recent increase can be attributed to wealthy entities withdrawing their BTCs from crypto exchanges. Apparently, this is not new wealth; rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.
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 $10,500 support levels, as investors have kept buying BTC at its support levels.
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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.
Meaning 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.