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 an opportunity for massive profit. Bitcoin’s recent price action.
Bitcoin Whale purchases almost $400 million worth of BTC
On-chain analytics platform Lookonchain Previously Twitter was called revealed in a X post that a Bitcoin whale (12QVs…oN2qo) has withdrawn 5,800 BTC ($387.88 million) from Binance In the last two days.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 fell to $63,500 as of July 31 after having risen to $70,000 a few days earlier. The price decline can be explained by several factors including the concerns about the future of cryptocurrency. reports Iran has ordered Israel to attack in revenge for Ismail Haniyeh’s death.
Federal Reserve held its Federal Open Market Committee meeting on July 31. The Federal Reserve kept interest rates the same. Fed Chair Jerome Powell Bitcoins’ recent fall is also due to the fact that there was little evidence to support that a rate reduction could be coming in September.
Bitcoin will likely enjoy a second rebound in the near future, and may even surpass $70,000 on its own. next The leg-up and the rise of an all-time high (ATH). Crypto analyst Michael van de Poppe ????????????????????????????????????????????????????????????????????????????????????????????? mentioned Bitcoin is on track to reach a new ATH next As long as the crypto’s flagship currency remains above $62,000 to $60,000, you can expect a monthly payment.
Whales accumulated BTC heavily in July
Data From the Market Intelligence Platform IntoTheBlock Bitcoin whales have been found to be holding at the very least 0.1% of BTC’s circulating supplyOver 84,000 BTC was purchased in July. The whales are accumulating Bitcoin at a record pace since October 2014 This is the first time that investors have taken advantage of the opportunity to buy Bitcoin. price dips Bitcoin has suffered in July.
Bitcoin’s price crashes in June The flagship cryptocurrency dropped as low as $ 55,000 at the start of July. The BTC accumulation of these whales was rewarded, with the crypto token enjoying a major rebound at the end July.
Bitcoin’s gains will be impressive in August, but these whales still expect more. Data Cryptorank finds that Bitcoin’s price has not been the most favorable in August historically, with eight of the last nine months ending in a negative.
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 with Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com