On-chain data shows a particular who accumulated almost $400 million between July 30 and 31. This whale is believed to have purchased the flagship crypto, having seen an opportunity to profit massively thanks to .
Bitcoin Whale Purchases Almost $400 Million Worth Of BTC
revealed in an X (formerly Twitter) that a Bitcoin whale (12QVs…oN2qo) has withdrawn 5,800 BTC ($387.88 million) from in the past two days. This purchase suggests the whale anticipates higher prices from the flagship crypto soon enough and is looking to profit from 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 low as $63,500 on July 31, having rebounded to almost $70,000 days ago. This price drop can be attributed to several factors, including concerns over 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 interest rates unchanged. 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 decline, Bitcoin is expected to enjoy another rebound soon enough and possibly break above the $70,000 range on its next leg up and rise to an . Crypto analyst recently that Bitcoin looks good to continue toward a new ATH next month as long as the flagship crypto stays above $60,000 to $62,000.
Whales Heavily Accumulated BTC In July
from the market intelligence platform shows that Bitcoin whales, holding at least , bought over 84,000 BTC in July. This represents these whales’ largest monthly wave of Bitcoin accumulation since October 2014. These investors looked to take advantage of the that Bitcoin suffered in July.
extended into the beginning of July, as the flagship crypto dropped to as low as $55,000. However, this BTC accumulation from these whales paid off, as the crypto token enjoyed a massive rebound in the latter parts of July and a monthly close in the green.
These whales will still hope Bitcoin can record more impressive gains in August. from Cryptorank shows that 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 at around $64,400, down almost 3% in the last 24 hours, according to from CoinMarketCap.