Data obtained from Btc Block Bot shows that an unknown entity transferred 2,210 BTC worth $ 125 million in block 675,713.
Institutional investors are increasing their buying pressure in the face of recent price corrections in the world’s most volatile financial market.
Long-term supply decreases as HODLers take profits in the bull markets – and the re-accumulation phases increase at cheaper prices.
READ: What is cryptocurrency? All you need to know in 2021
At the time of this writing, the world’s most popular crypto was trading at $ 57,686.91 with a daily trading volume of $ 49 billion and a daily decline of 0.67%.
Global investors and crypto traders seem to be taking some of their profits off the table as it is often difficult to anticipate market movements in the ever-changing crypto market.
Bitcoin whales have shown in the past that they are often driving the BTC trend.
It is important to note, however, that the number of Bitcoin accumulation addresses (that have received at least two dust-free transfers and have not spent any funds) has increased since early 2018, suggesting that it may be an isolated event.
Crypto fans are currently cheering Bitcoin as an inflation hedge at a time of unprecedented quantitative easing triggered by many central banks around the world.
READ: What is Bitcoin halving? Everything you need to know
Bitcoin trading is getting particularly risky, which is perfectly illustrated by the number of total liquidations in the past few days.
- On that day, 79,664 crypto traders were burned by the prevailing market volatility.
- The largest single liquidation order was made with a Huobi BTC value of USD 10.45 million.
Should you still buy: However, Nairametrics does not recommend investing a large pool of capital in a volatile financial market like Bitcoin. Instead, an investor or trader can allocate smaller amounts on a regular basis over time.
About the author
Emmanuel
Emmanuel got into cryptography through trading and investing in 2014. He has led numerous crypto projects and is enthusiastic about blockchain technology
