$700 million worth of Bitcoin moved by an unknown identity
- 12th December 2020
- Posted by: Hakeem
- Category: Crypto
A growing amount of wealthy investors have been increasing their transactional volume in the world’s most popular crypto, amid the price correction prevailing in the crypto-verse, taking into account that Bitcoin trades slightly above $18,000.
Data obtained from Bitcoin Block Bot, an advanced crypto analytic tracker, revealed that an unknown entity moved about 26,000 BTC estimated to be worth about $700 million, in two separate transactions, though in the same block, a few hours ago.
What this means: The recent price action prevailing at the flagship crypto market reveals that institutional funds are able to buy dips and oftentimes sell when prices go up. That leaves the majority of retail investors scrambling to chase the rally.
- At the time of writing this report, Bitcoin traded at $18,300.30 with a daily trading volume of $25 billion.
- BTC price has been up 1.6% in the last 24 hours. It has a circulating supply of 19 million BTC coins and a max supply of 21 million.
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.
That said, 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.