According to cryptocurrency analytics platform Lookonchain, a major Bitcoin whale recently purchased 620 Bitcoins ($39.8 million) at the bottom of a recent price correction.
The whale in question has acquired an astonishing $282.38 million worth of Bitcoin at an average price of $64,471.
In the meantime, the Bitcoin price has already walked back the entire price plunge. According to CoinGecko data, the flagship cryptocurrency is currently trading at $64,676 after previously dropping to $62,923. card
As reported by U.Today, the sharp drop was caused by fresh US economic data that showed rising inflation and slowing GDP growth. Futures traders have now pushed back the timing of the first expected rate cut to December. Some analysts have also predicted that interest rates are going to remain steady in the US this year, a scenario that is not going to bode well for risk assets like cryptocurrencies.
Substantial outflows recorded by Bitcoin exchange-traded funds (ETFs) recently emerged as another bearish headwind. BlackRock's IBIT ended its impressive streak of uninterrupted inflows on Wednesday. Meanwhile, Grayscale recorded another $130 million worth of outflows.
Despite these bearish factors, major market players appear to be willing to buy the current dip based on the actions of the aforementioned whale. However, it remains to be seen whether or not the recent price recovery will be sustainable.
According to CoinGlass data, $210 million worth of crypto has been liquidated over the past 24 hours. Of course, long positions accounted for the majority of the wipeout.
Tomiwabold Olajide
Godfrey Benjamin
Vladislav Sopov
Dan Burgin