{"id":632698,"date":"2024-08-01T22:00:12","date_gmt":"2024-08-01T22:00:12","guid":{"rendered":"https:\/\/wncen.com\/?p=632698"},"modified":"2024-08-01T19:15:15","modified_gmt":"2024-08-01T19:15:15","slug":"crypto-whale-400-million-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/crypto-whale-400-million-bitcoin\/","title":{"rendered":"Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">On-chain data shows a particular <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-wallets-holding-10-or-more-btc-surges\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin whale<\/span><\/a><span style=\"font-weight: 400\"> 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 <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-mining-industry-poised-for-success-study\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin\u2019s recent price action<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<h2>Bitcoin Whale Purchases Almost $400 Million Worth Of BTC<\/h2>\n<p><a href=\"https:\/\/bitcoinist.com\/germany-shakes-up-crypto-market-with-1500-btc-move\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">On-chain analytics platform Lookonchain<\/span><\/a><span style=\"font-weight: 400\"> revealed in an X (formerly Twitter) <\/span><a href=\"https:\/\/x.com\/lookonchain\/status\/08131158\" rel=\"nofollow\"><span style=\"font-weight: 400\">post<\/span><\/a><span style=\"font-weight: 400\"> that a Bitcoin whale (12QVs\u2026oN2qo) has withdrawn 5,800 BTC ($387.88 million) from <\/span><a href=\"https:\/\/bitcoinist.com\/binance-counters-13-billion-lawsuit\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Binance<\/span><\/a><span style=\"font-weight: 400\"> 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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Interestingly, this purchase comes amid a decline in Bitcoin\u2019s price, meaning that the whale sees this as a \u2018<\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin-traders-buy-dip-btc-plunges-66000\/\"><span style=\"font-weight: 400\">buy the dip\u2019 opportunity<\/span><\/a><span style=\"font-weight: 400\">. 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 <\/span><a href=\"https:\/\/www.nytimes.com\/2024\/07\/31\/world\/middleeast\/iran-orders-attack-israel.html\" rel=\"nofollow\"><span style=\"font-weight: 400\">reports<\/span><\/a><span style=\"font-weight: 400\"> that Iran had ordered a retaliatory attack against Israel for killing Hamas leader Ismail Haniyeh in Tehran.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The Federal Open Market Committee (FOMC) meeting was held on July 31, and the Federal Reserve left interest rates unchanged. <\/span><a href=\"https:\/\/bitcoinist.com\/federal-reserve-launches-fednow-crypto-in-trouble\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Fed Chair Jerome Powell<\/span><\/a><span style=\"font-weight: 400\"> also said little to suggest that an interest rate cut could come in September, another factor contributing to Bitcoin\u2019s recent decline.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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 <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-breaks-through-69000-setting-new-record\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">all-time high (ATH)<\/span><\/a><span style=\"font-weight: 400\">. Crypto analyst <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-bottom-20-decline\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Michael van de Poppe<\/span><\/a><span style=\"font-weight: 400\"> recently <\/span><a href=\"https:\/\/x.com\/CryptoMichNL\/status\/33574282\" rel=\"nofollow\"><span style=\"font-weight: 400\">mentioned<\/span><\/a><span style=\"font-weight: 400\"> 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.<\/span><\/p>\n<h2>Whales Heavily Accumulated BTC In July<\/h2>\n<p><a href=\"https:\/\/app.intotheblock.com\/coin\/BTC\/deep-dive?group=ownership&amp;chart=concentration\" rel=\"nofollow\"><span style=\"font-weight: 400\">Data<\/span><\/a><span style=\"font-weight: 400\"> from the market intelligence platform <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-time-bull-market-intotheblock-explains-why\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">IntoTheBlock<\/span><\/a><span style=\"font-weight: 400\"> shows that Bitcoin whales, holding at least <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-supply-in-profit-down-to-81-market-crash\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">0.1% of BTC&#8217;s circulating supply<\/span><\/a><span style=\"font-weight: 400\">, bought over 84,000 BTC in July. This represents these whales&#8217; largest monthly wave of Bitcoin accumulation since October 2014. These investors looked to take advantage of the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-price-crashed-58000\/#:~:text=Selling%20pressure%20on%20Bitcoin%20is,BTC%20holdings%20to%20fulfil%20redemptions.\" rel=\"nofollow\"><span style=\"font-weight: 400\">price dips<\/span><\/a><span style=\"font-weight: 400\"> that Bitcoin suffered in July.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/bitcoinist.com\/bitcoin-price-tragic-june\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin\u2019s price crashes in June<\/span><\/a><span style=\"font-weight: 400\"> 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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">These whales will still hope Bitcoin can record more impressive gains in August. <\/span><a href=\"https:\/\/cryptorank.io\/price\/bitcoin\" rel=\"nofollow\"><span style=\"font-weight: 400\">Data<\/span><\/a><span style=\"font-weight: 400\"> 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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin is trading at around $64,400, down almost 3% in the last 24 hours, according to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> from CoinMarketCap.\u00a0<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/H2OMOy6Y\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1518\"><figcaption class=\"wp-caption-text\">BTC price falls below $65,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>On-chain data shows a particular Bitcoin whale 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\u2019s recent price action.\u00a0 Bitcoin Whale Purchases Almost $400 Million Worth Of BTC On-chain analytics platform Lookonchain revealed in an X (formerly Twitter) post that a Bitcoin whale (12QVs\u2026oN2qo) has withdrawn 5,800 BTC ($387.88 million) from Binance 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.\u00a0 Interestingly, this purchase comes amid a decline in Bitcoin\u2019s price, meaning that the whale sees this as a \u2018buy the dip\u2019 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 reports that Iran had ordered a retaliatory attack against Israel for killing Hamas leader Ismail Haniyeh in Tehran.\u00a0 The Federal Open Market Committee (FOMC) meeting was held on July 31, and the Federal Reserve left interest rates unchanged. Fed Chair Jerome Powell also said little to suggest that an interest rate cut could come in September, another factor contributing to Bitcoin\u2019s recent decline.\u00a0 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 all-time high (ATH). Crypto analyst Michael van de Poppe recently mentioned 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 Data from the market intelligence platform IntoTheBlock shows that Bitcoin whales, holding at least 0.1% of BTC&#8217;s circulating supply, bought over 84,000 BTC in July. This represents these whales&#8217; largest monthly wave of Bitcoin accumulation since October 2014. These investors looked to take advantage of the price dips that Bitcoin suffered in July.\u00a0 Bitcoin\u2019s price crashes in June 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.\u00a0 These whales will still hope Bitcoin can record more impressive gains in August. Data 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.\u00a0 At the time of writing, Bitcoin is trading at around $64,400, down almost 3% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":632702,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,15232,1119,89185,1122,1144,78790,14896],"class_list":["post-632698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-whale","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-whale"],"acf":[],"yoast_head":"\n<title>Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday?<\/title>\n<meta name=\"description\" content=\"On-chain data shows a particular Bitcoin whale who accumulated almost $400 million between July 30 and 31, sparking speculations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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