Whales transfer 92,857 Bitcoins worth about $1.1 billion

Data from crypto data analysis tracking site Whales Alert shows that Bitcoin whales recently moved a total of 92,857 bitcoins, worth about $1.1 billion, from one unknown wallet to another last Thursday.

Note that as Bitcoin approaches the $12,000 price level, Bitcoin whale activity is rising.

Data obtained from another crypto analytics firm Coin360 shows that Bitcoin’s current price is around $12,000 and its total market capitalization is around $219.60 billion.

Although it is difficult to predict market movements, Bitcoin whales have historically shown that they can often dictate Bitcoin’s short-term price action.

In the Bitcoin market, investors or traders who own a large amount of Bitcoin are often referred to as Bitcoin whales. This means that a Bitcoin whale would be an individual or business entity (with a single Bitcoin address) that owns approximately 1,000 Bitcoins or more.

As Bitcoin whales continue to accumulate BTC, the circulating supply of Bitcoin decreases, which can weaken any bearish trend in Bitcoin. This means that over time, as Bitcoin approaches its fixed supply of 21 million, the price of Bitcoin will increase, and the current demand for Bitcoin is already factored in.

The percentage of supply owned by entities holding less than $10 of Bitcoin grew from 5.1% to 13.8% over the five-year period, while the percentage owned by entities holding 100-100k Bitcoin fell from 62.9% to 49.8%.

Bitcoin’s daily active wallet addresses continue to climb, a key fundamental factor in Bitcoin’s recent rise to price levels not seen in two and a half years (since January 2018).