$700 million worth of Bitcoin moved by an unknown identity

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.

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Whale alert! 🐋 Someone moved 9,010 BTC ($164M) in block 660,968 https://t.co/FYK6gdlGNK

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— Bitcoin Block Bot (@BtcBlockBot) December 12, 2020

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Whale alert! 🐋 Someone moved 28,999 BTC ($531M) in block 660,968 https://t.co/7pjqz6eLbM

— Bitcoin Block Bot (@BtcBlockBot) December 12, 2020

READ: 2,257 investors globally own at least 1,000 Bitcoins

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.

READ: 2,257 investors globally own at least 1,000 Bitcoins

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.

READ: Crypto millionaire carts away with $224 million worth of Bitcoin

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.

READ: Large entity moves over $628 million worth of Bitcoin