By Kenny S - Cryptocurrency Speculator - 08-08-2021
This week has been a busy one for Bitcoin (BTC) investing as the crypto giant hits the media day after day. The week began when buying Bitcoin dropped by 10% before steeply climbing past the $40k mark. The main cause for the sudden price increase is investors "buying the dip" while prices had lowered.
A more recent discovery has come to light about the rise in price to buy Bitcoin as large Bitcoin purchases had been recorded. The transactions indicate that Bitcoin whales are moving, as four acquisitions were made within an hour. The total sum came to 41,671 BTC bought, which is currently worth about $1.78 billion. As a result, the mass Bitcoin purchasing has sent the price closer to its new all-time high (ATH).
The transactions consisted of 4 separate payments of about 10,400 BTC per acquisition. A total of 41,671 BTC was sent from one unknown wallet to another anonymously. The purchases indicate that the latest bearish trend for the crypto giant is now changing to a more bullish outlook.
Judging by the latest transaction, it appears that crypto whales closely monitor the market and wait for any sudden price drops and fluctuations to expand their portfolio and holdings further. However, Bitcoin whales surprisingly are not the majority holders. The number of investors who have a BTC holding ranging between 100 to 10,000 Bitcoin obtains 49.11% of the entire existing supply in circulation.