On-chain data shows a particular bitcoin-wallets-holding-10-or-more-btc-surges/” rel=”nofollow”>bitcoin Whale which accumulated nearly $400 million between July 30 and 31. This whale is believed to have purchased the flagship cryptocurrency, seeing an opportunity to make massive profits thanks to bitcoin-mining-industry-poised-for-success-study/” rel=”nofollow”>bitcoin's recent price action.
bitcoin whale buys nearly $400 million worth of btc
crypto-market-with-1500-btc-move/” rel=”nofollow”>Lookonchain on-chain analytics platform Revealed on an x (formerly twitter) x.com/lookonchain/status/1818529334208131158″ rel=”nofollow”>mail that a bitcoin whale (12QVs…oN2qo) has withdrawn 5,800 btc ($387.88 million) from Binance over the past two days. This buying suggests that the whale anticipates higher prices for the flagship cryptocurrency very soon and is looking to profit from such a price rally when the time comes.
Interestingly, this purchase comes amid a drop in the price of bitcoin, meaning the whale sees this as a 'Opportunity to buy the dipOn July 31, bitcoin fell to $63,500, after rebounding to nearly $70,000 days earlier. This price drop can be attributed to several factors, including concerns about reports that Iran had ordered a retaliatory strike against Israel for the killing of Hamas leader Ismail Haniyeh in Tehran.
On July 31, the Federal Open Market Committee (FOMC) meeting was held and the Federal Reserve left interest rates unchanged. crypto-in-trouble/” rel=”nofollow”>Federal Reserve Chairman Jerome Powell He 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 drop, bitcoin is expected to enjoy another rally fairly soon and possibly break above the $70,000 range on its next leg up and climb to a bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>All-time high (ATH)Cryptocurrency Analyst bitcoin-bottom-20-decline/” rel=”nofollow”>Michael Van De Poppe recently x.com/CryptoMichNL/status/1818647806833574282″ rel=”nofollow”>mentioned that bitcoin looks poised to continue towards a new ATH next month as long as the flagship cryptocurrency stays above $60,000 to $62,000.
Whales accumulated large amounts of btc in July
btc/deep-dive?group=ownership&chart=concentration” rel=”nofollow”>Data From the market intelligence platform bitcoin-time-bull-market-intotheblock-explains-why/” rel=”nofollow”>In the block shows that bitcoin whales, who own at least bitcoin-supply-in-profit-down-to-81-market-crash/” rel=”nofollow”>0.1% of btc circulating supplypurchased over 84,000 btc in July. This represents the largest monthly wave of bitcoin accumulation by these whales since October 2014. These investors sought to take advantage of the bitcoin-price-crashed-58000/#:~:text=Selling%20pressure%20on%20Bitcoin%20is,btc%20holdings%20to%20fulfil%20redemptions.” rel=”nofollow”>price drops that bitcoin suffered in July.
bitcoin-price-tragic-june/” rel=”nofollow”>bitcoin price plummets in June The trend continued until early July, when the flagship cryptocurrency dropped to $55,000. However, this accumulation of btc by these whales paid off, as the crypto token enjoyed a massive rally in the latter part of July and a monthly close in the green.
These whales will still hope that bitcoin can record more impressive gains in August. bitcoin” rel=”nofollow”>Data According to Cryptorank, 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 around $64,400, down nearly 3% over the past 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
