Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday?
01 Agosto 2024 - 7:00PM
NEWSBTC
On-chain data shows a particular Bitcoin whale who accumulated
almost $400 million between July 30 and 31. This whale is believed
to have purchased the flagship crypto, having seen an opportunity
to profit massively thanks to Bitcoin’s recent price action.
Bitcoin Whale Purchases Almost $400 Million Worth Of BTC On-chain
analytics platform Lookonchain revealed in an X (formerly Twitter)
post that a Bitcoin whale (12QVs…oN2qo) has withdrawn 5,800 BTC
($387.88 million) from Binance in the past two days. This purchase
suggests the whale anticipates higher prices from the flagship
crypto soon enough and is looking to profit from such a price rally
when the time comes. Interestingly, this purchase comes amid
a decline in Bitcoin’s price, meaning that the whale sees this as a
‘buy the dip’ opportunity. Bitcoin dropped to as low as $63,500 on
July 31, having rebounded to almost $70,000 days ago. This price
drop can be attributed to several factors, including concerns over
reports that Iran had ordered a retaliatory attack against Israel
for killing Hamas leader Ismail Haniyeh in Tehran. The
Federal Open Market Committee (FOMC) meeting was held on July 31,
and the Federal Reserve left interest rates unchanged. Fed Chair
Jerome Powell also said little to suggest that an interest rate cut
could come in September, another factor contributing to Bitcoin’s
recent decline. Despite its recent decline, Bitcoin is
expected to enjoy another rebound soon enough and possibly break
above the $70,000 range on its next leg up and rise to an all-time
high (ATH). Crypto analyst Michael van de Poppe recently mentioned
that Bitcoin looks good to continue toward a new ATH next month as
long as the flagship crypto stays above $60,000 to $62,000. Whales
Heavily Accumulated BTC In July Data from the market intelligence
platform IntoTheBlock shows that Bitcoin whales, holding at least
0.1% of BTC’s circulating supply, bought over 84,000 BTC in July.
This represents these whales’ largest monthly wave of Bitcoin
accumulation since October 2014. These investors looked to take
advantage of the price dips that Bitcoin suffered in July.
Bitcoin’s price crashes in June extended into the beginning of
July, as the flagship crypto dropped to as low as $55,000. However,
this BTC accumulation from these whales paid off, as the crypto
token enjoyed a massive rebound in the latter parts of July and a
monthly close in the green. These whales will still hope
Bitcoin can record more impressive gains in August. Data from
Cryptorank shows that Bitcoin has historically not enjoyed the best
price action in August, ending the month in the red on eight
occasions since 2011. At the time of writing, Bitcoin is
trading at around $64,400, down almost 3% in the last 24 hours,
according to data from CoinMarketCap. Featured image created
with Dall.E, chart from Tradingview.com
Bitcoin (COIN:BTCUSD)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
Bitcoin (COIN:BTCUSD)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024