As a seasoned crypto investor with over a decade of experience in this volatile market, I’ve seen my fair share of dips and rallies. The recent accumulation of around $4.3 billion by Bitcoin whales over the past 30 days feels like deja vu. I remember the last time such massive purchases were made was during the aftermath of the US bank failures in April 2023, which saw an unprecedented surge in confidence for decentralized assets.
Over the last month, Bitcoin heavyweights amassed approximately $4.3 billion worth of the cryptocurrency. They took advantage of the dip as Bitcoin reached its lowest values in the recent past, around $54,000 per coin. A significant portion of this substantial sum was bought during the period when Bitcoin’s price hit its lowest point in the previous 30 days.
In simpler terms, the last time people bought this much Bitcoin was during the US bank failures in April 2023. This event significantly boosted confidence in Bitcoin as the leader of decentralized assets. Currently, bullish sentiments persist even though Bitcoin experienced increased selling pressure over the past month due to fear, uncertainty, and doubt (FUD) among investors.
The upcoming repayments from Mt. Gox totaling 140,000 bitcoins and Germany’s sale of 50,000 bitcoins caused unease among investors due to the significant amount of selling that ensued, ultimately leading to a price decrease. However, experts predict that these events mark the end of the worst and that bitcoin will recover and reach new record highs, as is frequently accompanied by heightened activity from large-scale investors, or “whales.”
Analyst Minkyu Woo from CryptoQuant shared on X that approximately 47,000 bitcoins were purchased by whales at an average price of around $57,000. This observation implies that the potential bottoming out process for bitcoin might be approaching completion.
According to Santiment’s analysis, smaller Bitcoin holders are selling their coins, while larger “whale” investors are either hoarding or purchasing more. This trend is indicated by a notable increase of 261 wallets surpassing the ten-Bitcoin threshold during the first ten days of July, compared to the same period thirty days prior.
One significant investor, holding a large amount of the asset, saw their confidence reinforced by recent market trends. However, on July 14th, a substantial whale wallet disposed of approximately $60 million worth of the asset. This transaction involved selling around 1,000 bitcoins, which were originally acquired when the value was just one-eight of its current worth. Whale Alert’s update on this matter can be found at X, stating “An inactive address containing 1,000 #BTC (59,989,823 USD) has become active again after a 11.8-year dormancy period (worth only 11,908 USD back in 2012).”
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2024-07-16 21:17