💥💥💥 Why Did This Crypto Whale Spend $400 Million Buying #bitcoin☀️ Yesterday?
Bitcoin Whale Makes Major Purchase Amid Recent Price Decline
- On-chain data reveals that a Bitcoin whale has recently acquired nearly $400 million worth of Bitcoin. According to Lookonchain, the whale, identified by the address 12QVs…oN2qo, withdrew 5,800 BTC, valued at approximately $387.88 million, from Binance between July 30 and 31. This significant purchase suggests the whale anticipates a future price increase and views the recent price dip as a prime buying opportunity.
- This large acquisition comes despite Bitcoin's recent drop to around $63,500 on July 31, following a peak near $70,000. Factors contributing to this decline include geopolitical tensions—specifically, concerns over Iran's retaliation against Israel—and the Federal Reserve's decision to maintain interest rates during its July 31 meeting. Fed Chair Jerome Powell's remarks on the lack of immediate interest rate cuts may have also influenced Bitcoin’s recent downward movement.
- Despite the current decline, there are expectations for Bitcoin to rebound and potentially surpass the $70,000 mark, with analysts like Michael van de Poppe predicting a new all-time high if Bitcoin remains above $60,000 to $62,000.
Whale Accumulation Trends in July
- Market intelligence platform IntoTheBlock reports that Bitcoin whales, holding at least 0.1% of BTC’s circulating supply, accumulated over 84,000 $BTC in July. This represents the largest monthly accumulation by these whales since October 2014. This buying spree took advantage of Bitcoin’s price dips, with the cryptocurrency falling to as low as $55,000 in early July before rebounding strongly.
- As of now, Bitcoin is trading around $64,400, reflecting a nearly 3% drop over the past 24 hours, according to CoinMarketCap. Historically, August has not been the strongest month for Bitcoin, with the cryptocurrency ending the month in the red on several occasions since 2011.
Source - newsbtc.com
