Large entities are taking the center stage at the fast-changing financial market, amid strengthened price volatility seen at the flagship crypto’s (Bitcoin) market.
What we know
Data retrieved from, advanced crypto tracker, Bitcoin Block Bot, revealed that someone moved 22,816 BTC ($386M) in block 658,953 some hours ago.
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At the time of writing, Bitcoin was trading at $17,048.47 with a daily trading volume of $28,874,917,829.
It’s critical to observe that recent price action in the flagship crypto market indicates that a significant number of buyers have been aggressively buying at the $16,000 price support level which is marked by large entities.
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This further illustrates that the demand for bitcoin is relatively high, as bitcoin whales curb broader pullback, at least in the near term.
Nairametrics, predicts the increased buying pressures by such large entities are partly responsible for the relative rebound seen in the bitcoin market.
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Although it’s often difficult to predict movements in the crypto market, taking into account high volatility. BTC whales have shown historically that they often determine the BTC trend.
What this means from a macro level is that the increase in the number of these large entities can be considered bullish.
Explore Data on the Nairametrics Research Website