With the price of Bitcoin hovering near $ 13,000, an anonymous trader decided it was time to move more than $ 1.1 billion worth of Bitcoin.
According to on-chain data, a Bitcoin (BTC) trader moved more than 88,857 BTC, worth roughly $ 1.1 billion in Bitcoin, for a commission of just 0.00027847 BTC, or $ 3.58. The coins were confirmed at block 654,364 on October 26.
This transaction is the largest movement of any cryptocurrency by fiat value, with Bitfinex setting the previous record in April. They transferred 161,500 BTC, $ 1.1 billion at the time, for a commission of just $ 0.68.
The number of Bitcoin whale addresses is the highest since Fall 2016
The number of Bitcoin “whales” has risen to four-year highs along with the recent Bitcoin price rally.
Bitcoin (BTC) whales hit a new all-time high amid last week’s price spike. As of October 20, there were 2,178 Bitcoin addresses containing at least 1,000 BTC. By October 25, this number increased to 2,231. According to data source Glassnode.
Based on this data, it could be said that whales control at least 2.23 million BTC, a significant figure equivalent to 12% of the supply in circulation today.
Now, the whale entity metric rose by 2.2% last week, possibly adding upward pressures around the price of Bitcoin.
The top cryptocurrency by market value surged more than 13% last week to post its best single-week performance since April.
Anthony Pompliano: Decoupling of Bitcoin and Stocks Proves BTC is the ‘Ultimate Safe Haven’
The price of Bitcoin (BTC) “couldn’t be more uncorrelated” with the stock market, says Anthony Pompliano, as data shows that BTC is leaving macro assets behind.
In a series of tweets on October 26, Morgan Creek Digital co-founder, also known as “Pomp,” slammed critics for his allegations that Bitcoin was a poor store of value.
Pompliano uploaded a graph from behavioral analytics platform Santiment, which showed Bitcoin hitting 0 for a 30-day correlation with the S&P 500.
“It couldn’t be less correlated than it is now,” he added in comments.
Continuing, Pompliano highlighted that Bitcoin outperformed the returns on macro assets since the collapse of the Coronavirus in March this year.
So how did Bitcoin fare during an economic downturn? It outperformed stocks, bonds, gold, oil, and just about everything else. It also has little or no correlation over any significant amount of time, “he summarized.
“Bitcoin is the ultimate safe haven and the market is showing it.”
For Pompliano, the previous correlation between Bitcoin and these assets was simply a short-term phenomenon induced by the events of March.
- The dollar gives up initial gains, the euro slightly higher.
- Forex markets on hold before the US elections.
- The British pound fell overnight but was back above $ 1.30 on Tuesday at $ 1.3038. As negotiations continue on the Brexit trade deal.