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BTC whales control the BTC market, at the highest levels

The more Btc Whales accumulate BTCs, resulting in the decrease of Bitcoin circulation and supply and this can weaken any bearish trend BTC finds itself in. Meaning that over time, it’s possible that as Bitcoin approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored

The rapid increase of BTC whales, professional traders in the Bitcoin market cannot be overlooked. They’re are the most important players to large market movements in the Btc Market, such as those levels seen during Bitcoin’s dramatic price decline in March as the COVID-19 pandemic intensified around the world.

As more people are looking to trade bitcoin, which is only becoming scarcer following the recent halving, bitcoin moving from the investment bucket into the trading bucket could become a crucial source of liquidity. However, one would expect this will only happen if bitcoin’s price rises to a level at which long-term investors are willing to sell,” Chainalysis researchers wrote.

Who are BTC whales?
In the Bitcoin world, investors or traders who own a large number of Bitcoins are typically called Bitcoin whales. This means a Bitcoin whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.

Chainalysis a leading crypto analytic firm also explained activities in the BTC market for the month of June. The report said;
“As of June 2020, roughly 18.6 million Bitcoin has been mined. We break that 18.6 million Bitcoin down into three buckets based on its movements to date:
Roughly 60% of that Bitcoin is held by entities — either people or businesses — that have never sold more than 25% of Bitcoin they’ve ever received, and have often held on to that Bitcoin for many years, which we label as Bitcoin held for long-term investment.
Another 20% hasn’t moved from its current set of addresses in five years or longer. We consider this lost Bitcoin. That leaves just 3.5 million Bitcoin or 19% of all mined Bitcoin that moves frequently, primarily between exchanges, which we label as Bitcoin used for trading.”

At the time this report was drafted, Bitcoin was still trading below the $9500 support levels,

The post BTC whales control the BTC market, at the highest levels appeared first on Blockvila.

This post first appeared on NGExchanger, please read the originial post: here

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BTC whales control the BTC market, at the highest levels


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