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02/08/24
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Whale Accumulates $400 Million in Bitcoin Amid Price Fluctuations
Recent on-chain data has revealed a significant accumulation of Bitcoin by a notable whale who purchased nearly $400 million worth of the cryptocurrency between July 30 and 31. The strategic move is seen as a potential bet on a forthcoming upswing in Bitcoin’s price, as the whale appears to be capitalizing on recent market fluctuations.
The analytics platform Lookonchain noted that the whale withdrew approximately 5,800 BTC, valued at around $387.88 million, from Binance within a span of two days. Interestingly, this purchase coincides with a notable dip in Bitcoin’s price, which dropped to approximately $63,500 on July 31, following a rally that saw prices near $70,000 just days earlier. The decline in value has been linked to various external factors, including geopolitical tensions involving Iran and a lack of significant announcements from the Federal Reserve regarding interest rates during its meeting on July 31.
Despite these recent price declines, analysts are optimistic that Bitcoin could rebound, potentially surpassing the $70,000 threshold and reaching new all-time highs in the coming months. Some market experts believe that as long as Bitcoin maintains a position above the $60,000 to $62,000 range, a move towards its previous peaks is likely.
In July alone, data from IntoTheBlock indicated that Bitcoin whales—defined as those holding a minimum of 0.1% of the total circulating supply—accumulated over 84,000 BTC. This marks the most significant accumulation wave by such investors since October 2014. The dip in Bitcoin’s price during June into early July, when it fell to about $55,000, provided an opportune moment for these whales to invest. Following this accumulation, Bitcoin experienced a substantial recovery towards the end of July.
Currently, Bitcoin is trading around $64,400, reflecting a nearly 3% decline over the last 24 hours, signaling ongoing volatility in the cryptocurrency market. As the situation evolves, investors remain watchful of price trends for potential further gains in August, a month that has historically seen a mixed performance for Bitcoin.
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