The most popular cryptocurrency, Bitcoin, just set a new two-year high with an exchange inflow of 1.68 million BTC. The currency replicated and slightly beat the previous high of 1.68 million BTC established in June 2019. The value of the coin is already expected to fluctuate, according to investors and analysts.
Making History at BTC
On Wednesday, Bitcoin set a new milestone with exchange inflows topping 1.68 million BTC in a single day. These figures indicate that at least 8% of the total BTC circulation was pumped into trading exchanges. The 1.68 million is the biggest daily inflow in history, beating the previous 1.68 million sets on June 19, 2019.
The results were provided on Twitter by Santiment, a data analytics for exchanges, who said:
As a result, the day is remembered as the busiest in Bitcoin history. Greater BTC influx might easily lead to increased selling pressure and volatility in BTC. This rise occurred when Bitcoin was trading in a slightly negative trend, possibly indicating a lack of confidence among small-scale traders. Whales, on the other hand, may have a higher level of trust in BTC.
Last week, there were more purchases from Whales
As the amount of money flowing into exchanges rose, so did the number of whales interested in Bitcoin. Bitcoin billionaires and whales continued to load their wallets with other currency. Perhaps their actions are a foreshadowing of impending market volatility, which might push BTC to $100k.
Whales, or wallets with between 100 and 10,000 bitcoins, purchased roughly 20 thousand more over the period. One wallet, which housed about 6k BTC on the Binance exchange wallet, transfers the funds to an external wallet, Xapo, earlier this week. The current worth of the 6k BTC is approximately 290 million dollars.
Whales now own a significant portion of the Bitcoin (BTC) coins in circulation (almost 50%). Millionaires, on the whole, are the ones that keep the Bitcoin ecosystem running. Even in a bear market, their continued purchases demonstrate that they have faith in the coin. They’re most likely planning to profit from the upcoming volatility in BTC.
Benefits of BTC Price Actions
BTC was in a sustained negative trend that began early last week as trade inflows rose on Wednesday. On Thursday, the coin remained bearish, but it appeared to be somewhat reversing course early Friday. The price of the currency is now $47500.
BTC is expected to reach $100k by the end of 2021, according to experts.
If that happens, coin hodlers will have made a lot of money.
In addition, whales are generally anticipating prices to rise in the future, which is why they are buying more. Overall, BTC set a new volume record.