Bitcoin whale transfers $641 million worth of BTCs
- 5th September 2020
- Posted by: Hakeem
- Category: Crypto
Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that a BTC whale moved 60,000 BTC in block 646,583 estimated to be worth about $ 641 million, recently.
BTC whales have been moving large stacks of BTCs lately, triggered by the third BTC halving that occurred some months ago.
Why it’s 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, and global inflation hitting a record high.
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 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.