In the study of the crypto money exchange OKEx in cooperation with Blockchain analysis company Catallact, it was noted that there was a large increase in transactions of 5 thousand to 10 thousand BTC.
Cryptocurrency exchange OKEx has partnered with blockchain analytics firm Catallact this year to examine the behavior of large-scale investors. While it was revealed from the research of the two companies that there was an increase in BTC transactions between 5 thousand and 10 thousand, “Whales woke up from hibernation” comment was made.
According to the results of the study, big investors, called whales, increased their Bitcoin movements between 5 thousand and 10 thousand between May and July, when the Bitcoin price was around 10 thousand dollars:
“This upward move shows that institutions and / or major players are busy accumulating BTC, as the economic boost packages put forward by central banks encourage the acquisition of hard assets. However, since we can only see the number of transactions here, this interpretation cannot go beyond speculation.
OKEx provided 2 reasons for the increase in whales’ movement. The first reason is that one or more major exchanges move coins to several different wallets for security reasons… The second reason that OKEx puts is that the whales or large corporate companies are BTC for the short-term decline or rise while BTC hovers around $ 10,000. moving forward …
The stock market cited one of the biggest reasons for whales to accumulate BTC as institutional players like Paul Tudor Jones see Bitcoin as a hedge against inflation:
“It turns out when we look at the percentage of transactions involving 100 BTC and more that major players and institutions accumulated BTC in May and July. These data clearly show not only the aftermath of the Kovid crash in March, but also an increase from mid-June to August, highlighting that whales spend this time accumulating in anticipation of higher prices.
OKEx also stated that the small investor was seriously hit by the massive coronavirus crash in March, but the whale and smart investors saw it as an opportunity to take it from the bottom.