Data about the chain shows something special Bitcoin whale which collected nearly $400 million between July 30 and 31. It is believed that this whale bought the flagship crypto, after seeing an opportunity to profit hugely thanks to Bitcoin’s recent price action.
Bitcoin Whale buys almost $400 million worth of BTC
On-chain analytics platform Lookonchain revealed in an X (formerly Twitter) after that a Bitcoin whale (12QVs…oN2qo) withdrew 5,800 BTC ($387.88 million) Binance in the past two days. This purchase suggests that the whale expects higher prices from the flagship crypto soon enough and will try to take advantage of such a price increase when the time comes.
Interestingly enough, this purchase comes amid a decline in the price of Bitcoin, meaning the whale sees this as a ‘Buy the dip opportunity. Bitcoin fell to a low of $63,500 on July 31, after returning to near $70,000 days ago. This price drop can be attributed to several factors, including concerns about… reports that Iran had ordered a retaliatory attack on Israel for the assassination of Hamas leader Ismail Haniyeh in Tehran.
The Federal Open Market Committee (FOMC) meeting took place on July 31 and the Federal Reserve left interest rates unchanged. Fed Chairman Jerome Powell also said little to suggest there could be a rate cut in September, another factor contributing to Bitcoin’s recent decline.
Despite the recent decline, Bitcoin is expected to bounce back soon enough and possibly break above the $70,000 mark and rise to the $70,000 level in the next phase. all-time high (ATH). Crypto analyst Michael van de Poppe recently named that Bitcoin looks good to continue toward a new ATH next month as long as the flagship crypto remains above $60,000 to $62,000.
Whales have been heavily accumulating BTC in July
Facts of the market information platform InHetBlok shows that at least Bitcoin whales are holding on 0.1% of the circulating supply of BTC, bought over 84,000 BTC in July. This represents the largest monthly wave of Bitcoin accumulation from these whales since October 2014. These investors sought to profit from the price drops that Bitcoin suffered in July.
Bitcoin price crashes in June extended until early July, when the flagship crypto fell to just $55,000. However, this BTC accumulation from these whales has paid off as the crypto token saw a huge rebound in the latter parts of July and the month-end was in the green.
These whales are still hoping that Bitcoin can post more impressive gains in August. Facts from Cryptorank shows that Bitcoin has historically not seen the best price action in August, ending the month in the red eight times since 2011.
At the time of writing, Bitcoin is trading around $64,400, down almost 3% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com