Advertisement
AD

Main navigation

Giant Bitcoin Whale Buys $696 Million in BTC, What's Happening?

Advertisement
Tue, 8/10/2024 - 14:02
Giant Bitcoin Whale Buys $696 Million in BTC, What's Happening?
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Bitcoin (BTC) is still stuck around the $62,000 to $63,000 price range as it  struggles to clear the $64,000 range. Amid this ongoing price battle, whales have started to show more interest in the leading cryptocurrency. These bullish moves from crypto whales may finally provide the spark required to trigger a major rally.

Advertisement

Earlier today, Lookonchain provided details about a massive purchase from a giant Bitcoin whale. The on-chain tracking service revealed that this whale withdrew 250 BTC from crypto exchange Binance a few hours ago. This BTC purchase is estimated to be worth around $15.6 million, based on the BTC price at the time.

Long-term holder

Notably, this is not the first purchase by the giant whale. Lookonchain revealed that the large investor made this transfer after remaining dormant for about six months. Previously, the whale accumulated 10,158 BTC at an average price of $67,026. These purchases were also conducted on Binance between March 14 and April 13. The total value of these previous BTC purchases is estimated to be around $681 million.

With today’s move, the giant whale now holds 10,408 BTC. The overall value of these coins is estimated to be around $696 million. However, Lookonchain revealed that the whale is currently in loss. At the current Bitcoin price, this giant whale has lost around $46 million in BTC. Despite these losses, the whale is still holding the coins and avoiding panic selling.

Advertisement

This means that this giant whale is still bullish on Bitcoin, anticipating high gains in the future. Moreover, such a long-term holding trend by whales like this is positive for Bitcoin. It can encourage other investors to avoid panic selling, eventually creating bullish sentiment across the community. Consequently, the Bitcoin price may get a significant boost from it.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD