Data obtained from Whales Alert, a crypto analytic tracker, shows that a Bitcoin whale has moved 92,857 BTCs valued around N1.09 billion. The BTCs were transferred from one unknown wallet to another unknown wallet, on Thursday.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 92,857 #BTC (1,092,603,630 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) August 6, 2020
Note that BTC whales are on the rise as Bitcoin approaches the $12,000 price level.
Data obtained from Coin360, another crypto analytic firm, have shown that the flagship currency is presently around the $12,000 price level, with a market capitalization of about $219.60 billion
Why this is happening: Global investors and crypto-traders are now cashing in on some of their profits, as the crypto market is washed with cheap money coming from stimulus packages from global central banks.
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.
The percentage of supply owned by entities holding less than 10 $BTC grew from 5.1% to 13.8% in 5 years, while the percent held by entities with 100-100k BTC declined from 62.9% to 49.8%.
BTC’s Daily Active Addresses continue to climb, and this will be a key fundamental factor in reaching price levels unseen in over two and a half years (January 2018).