BTC is growing, and Bitcoin whales are getting more active. Want to know what they’ve done and what they’ll probably do in the next few days? Find out.
A promising week for Bitcoin (BTC), as it recently reached its new all-time high. So December looks like it’s going to be a busy month for Bitcoin whales, as in just 24 hours they’ve already mobilized over 49,000 BTCs through 33 operations. What do Bitcoin whales do? Do they stockpile or sell? Find out.
Bitcoin set a new record high. The institutional demand is the reason
BTC goes up and… What do Bitcoin whales do?
Bitcoin whales have maintained a slight prevailing trend of aggregation. However, it’s not predominant enough to say it’s absolute. Of the total mobilized in these hours, 38.05% have been transferred from exchanges to unknown wallets. This translates into 18,923 BTC.
Meanwhile, in the opposite direction, 12,456 BTC have been introduced in different exchanges, presumably for sale. This is equal to 25.04% of the total mobilized in this time analyzed. The total mobilized is exactly 49,727 BTC.
For a few days now, traders seem to be ignoring data showing that whales may be preparing to dispose of their holdings in response to Bitcoin’s price increase.
- This whale activity is expected to remain constant as BTC continues its path to new highs.
- Bitcoin whales have been active since Monday when BTC reached a new all-time high. Since then they have mobilized 49,727 BTCs (as of this
- writing). Bitcoin whales have been active since Monday when BTC reached a new all-time high.
Bitcoin Breaks Historic High on Gemini
Why has the price of Bitcoin increased so much?
So far we know that Bitcoin went up on Monday to a new record price of $19,864, and that the whales haven’t stopped since. That translates to a 170% increase by 2020. In case you don’t know why this is happening, pay attention.
One of the reasons has to do with the growing institutional interest that BTC is generating. In addition, the number of Bitcoin futures contracts is increasing on the Chicago Mercantile Exchange (CME) which is considered another sign that large investors are interested.
Wall Street analysts have made positive comments in recent days. According to CoinDesk, Inigo Fraser Jenkins, co-director of the portfolio strategy team at Bernstein Research, wrote that when it comes to a role in inflation hedging, „Bitcoin is similar to gold. Finally, we can highlight the effect that PayPal’s announcement of accepting cryptomonies had.
For all these reasons, the big players in the crypt world, Bitcoin Whales, will keep moving, probably selling for profit.