$400 million worth of Bitcoin moved by a large entity amid BTC dropping to $18,000

Large entities are definitely up to something, with the prevailing price seen at the world’s flagship crypto.

As Bitcoin’s price trades around the $18,000 price area, an unknown whale moved 21,315 BTC ($400M) in block 660,539.

Whale alert! 🐋 Someone moved 21,315 BTC ($400M) in block 660,539 https://t.co/jKZNIMtDR1

— Bitcoin Block Bot (@BtcBlockBot) December 8, 2020

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What we know: A the time of writing, Bitcoin traded at  $17,996.48 with a daily trading volume of $36,545,495,247 USD. Bitcoin is down 6.22% in the last 24 hours. Bitcoin has a market capitalization of $334 billion.

• This is an indication that more high-net-worth individuals are offloading some of their  Bitcoins, in expectation of BTC price depreciation.
• However, Bitcoin accumulation has been on a constant upwards trend for months.
• Large entities are definitely taking the center stage in the fast-changing financial market amid the prevailing price seen at the world’s flagship crypto.

It’s important that Bitcoin price is dropping amid Bitcoin Percent Supply Last Active 1+ Years just reached a 5-month low of 61.050%. Previous 5-month low of 61.058% was observed earlier today.

Metric Description; The percent of circulating supply that has not moved in at least 1 year.

📉 #Bitcoin $BTC Percent Supply Last Active 1+ Years just reached a 5-month low of 61.050%

Previous 5-month low of 61.058% was observed earlier today

View metric:https://t.co/1j255TMTVz pic.twitter.com/2220Msx9T5

— glassnode alerts (@glassnodealerts) December 8, 2020

Bottom-line: Nairametrics believes the increased movements of Bitcoin assets by large entities are partly responsible for the relative volatility seen in the bitcoin market.