Powerful Bitcoin entities who own massive stash of Bitcoins and are often referred to as whales have accelerated the transfer of the flagship crypto asset from one point to another despite the significant amount of bearish sentiments.
According to the latest data posted by a top blockchain tracking firm, Bitcoin Block Bot, an entity recently transferred 3,390 BTC worth $108 million in block 691,537.
The timing of such movement suggests this activity is likely linked to an institutional investor amid the bias that of late, such buyers at the crypto market are dwindling down at unprecedented levels.
Whale alert! 🐋 Someone moved 3,390 BTC ($108M) in block 691,537 https://t.co/4aN5kyLw4k
— Bitcoin Block Bot (@BtcBlockBot) July 18, 2021
The pioneer crypto-asset stays supported around the $31,500 price level, further showing an aura of anxiety enveloping the crypto market and market pundits that failure to close above $32,000 could see bitcoin dive to the $29,000 to $24,000 zone.
Downside risks for the world’s most popular crypto stay on course sustains as Grayscale Investments unlock a whopping 16,000 Bitcoins worth of its Grayscale Bitcoin Trust (GBTC) shares on July 18, after a six-month lock-up duration.
Downside risks for the world’s most popular crypto stays on course as Grayscale Investments unlock a whopping 16,000 bitcoin worth of its Grayscale Bitcoin Trust (GBTC) shares on July 18, after a six-month lock-up duration.
Recent price actions reveal Bitcoin bulls are holding their grip around the $31,500 price level while eyeing a retest of the technical resistance level at $32k-33k.
Market commentators argue that a series of deleveraging situations shook off many crypto short-term speculators, whose capitulation accounts for most of the realized losses in recent times.
While it is difficult to predict crypto-asset movements, these powerful entities have shown historically that they often determine bitcoin’s price.