Large entities in recent times have steadily increased the way they transfer the world’s flagship cryptocurrency, Bitcoin, as its price hovers above $ 15,000. These are triggered by cryptocurrency traders and investors rushing to have a stake in this rapidly evolving crypto asset.
Data recovered from a BTC Bitcoin Block Bot advanced cryptographic trace revealed someone moved 19,961 BTC ($ 307 million) into the 656,351 block.
READ: Two Weird Bitcoin Whales Transfer $ 290 Million Crypto
What you should know
As BTC whales accumulate BTC, the circulating supply of Bitcoin shrinks and this can weaken any bearish trend bitcoin finds itself in. It means that over time it is possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with the current demand for BTC being taken into account.
Statistics obtained by BitcoinCharts revealed that Bitcoin whale addresses actually control a much higher 7,902,469 BTC, which is 42% of the total supply.
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- This carries an affirmative bias that the movements of these large entities are trajectory towards price movements at unprecedented levels.
- This is an indication that more people with high net worth are entering the space to invest in Bitcoin, waiting for a price appreciation of $ BTC.
- The accumulation of bitcoin has been steadily increasing for months.
- $ 2.6M BTC (14% of supply) is currently held in accumulation addresses.
READ: 98% of Bitcoin wallets in profit have reached their 2-year high
What does it mean
Nairametrics believes growing buying pressures from major institutional brands are partly responsible for the recent highs in undilutable cryptocurrencies. While it is difficult to predict market movements, BTC whales have historically proven that they often drive the BTC trend.
What this means from a macro level is that the increase in the number of these large entities can be considered bullish.
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Explore the data on the Nairametrics research website