On-chain data shows a specific Bitcoin whale who amassed almost $400 million between July 30 and 31. This whale is believed to have purchased the flagship crypto, having seen a possibility to profit massively due to Bitcoin’s recent price motion.
Bitcoin Whale Purchases Almost $400 Million Value 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On-chain analytics platform Lookonchain revealed in an X (formerly Twitter) post that a Bitcoin whale (12QVs…oN2qo) has withdrawn 5,800 BTC ($387.88 million) from Binance up to now two days. This purchase suggests the whale anticipates higher prices from the flagship crypto soon enough and is seeking to make the most of 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 little as $63,500 on July 31, having rebounded to almost $70,000 days ago. This price drop may be attributed to several aspects, 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 rates of interest unchanged. Fed Chair Jerome Powell also said little to suggest that an rate of interest cut could are available in September, one other factor contributing to Bitcoin’s recent decline.
Despite its recent decline, Bitcoin is anticipated to enjoy one other 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 proceed toward a latest ATH next month so long as the flagship crypto stays above $60,000 to $62,000.
Whales Heavily Accrued BTC In July
Data from the market intelligence platform IntoTheBlock shows that Bitcoin whales, holding not less than 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 reap the benefits of the price dips that Bitcoin suffered in July.
Bitcoin’s price crashes in June prolonged into the start of July, because the flagship crypto dropped to as little as $55,000. Nevertheless, this BTC accumulation from these whales paid off, because the crypto token enjoyed an enormous rebound within the latter parts of July and a monthly close within 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 one of the best price motion in August, ending the month within the red on eight occasions since 2011.
On the time of writing, Bitcoin is trading at around $64,400, down almost 3% within the last 24 hours, in keeping with data from CoinMarketCap.
BTC price falls below $65,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com