Data from the chain shows that a certain Bitcoin whale Between July 30 and 31, this whale accumulated over $400 million. It is believed that this whale purchased the crypto’s flagship, seeing a chance to profit hugely. Bitcoin’s recent price action.
Bitcoin Whales Purchase BTC Worth Nearly $400 Million
On-chain analytics platform Lookonchain – X revealed (previously Twitter) post that a Bitcoin whale (12QVs…oN2qo) has withdrawn 5,800 BTC ($387.88 million) from Binance The past two days. This buy suggests that the whale expects the price of the flagship cryptocurrency to rise soon and will profit when this happens.
Interestingly, this purchase comes amid a decline in Bitcoin’s price, meaning that the whale sees this as a ‘buy the dip’ opportunity. Bitcoin’s price dropped as low as $63,500 in July after bouncing back to nearly $70,000 just a couple of days before. Price drop is due to many factors. reports Iran ordered an attack on Israel in retaliation for the death of Hamas leader Ismail Haniyeh, who was killed by Israel’s forces at Tehran.
Federal Reserve held its Federal Open Market Committee meeting on July 31. The Federal Reserve kept interest rates the same. Fed Chair Jerome Powell Bitcoin’s decline is being attributed to a number of factors, including the recent announcement that interest rates could be cut in September.
Bitcoin, despite its recent drop, is likely to experience another bounce soon and could even break through the $75,000 range in its next upswing and reach an all-time high (ATH). Crypto analyst Michael van de Poppe Recently, mentioned Bitcoin will continue to rise to a higher ATH as long the main crypto remains above $62,000 to $60,000
Whales Accumulated BTC in July
Data Market intelligence platforms IntoTheBlock Bitcoin whales have been found to be holding at the very least 0.1% of BTC’s circulating supplyIn July alone, the whales bought more than 84,000 BTC. The whales are accumulating Bitcoin at a record pace since October 2014 This is the first time that investors have taken advantage of this situation. price dips Bitcoin’s value fell in July.
Bitcoin’s price crashes in June This continued into July as the crypto’s flagship dropped down to $55,000. This BTC accumulation by these whales has paid off as the crypto token experienced a huge rebound towards the end of July, and closed the month in positive territory.
Bitcoin’s gains will be impressive in August, but these whales still expect more. Data Cryptorank shows Bitcoin’s price has not historically enjoyed the best performance in August. The month has ended in red eight times since 2011.
Bitcoin was trading around $64,400 at the time this article was written, down nearly 3% over the past 24 hours. data CoinMarketCap.
Featured image was created using Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com
