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Major Bitcoin Whale Buys $395 Million Worth of BTC After Recent Price Drop

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Thu, 20/06/2024 - 8:19
Major Bitcoin Whale Buys $395 Million Worth of BTC After Recent Price Drop
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According to blockchain analytics platform Lookonchain, a whale recently purchased a whopping $395 million worth of Bitcoin (BTC). 

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The whale purchased $794 million worth of Bitcoin during the 2022 bear market. 

The whale made more than $1 billion after selling 37,000 ($1.74 billion) at an average price of $46,800 in 2023 and 2024.

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This is the first purchase made by the aforementioned whale in 1.5 years. 

The leading cryptocurrency is currently changing hands at $65,722 on the Bitstamp exchange after adding 0.9% over the past 24 hours. 

Bitcoin fatigue 

According to cryptocurrency analytics firm Santiment, the Bitcoin crowd is currently in a state of fear or disinterest.  

As noted by the firm, such a level of fear, uncertainty, and doubt (FUD) is considered to be "rare" since it seems like the Bitcoin trading community has reached the capitulation stage. 

The firm has added that such periods of fatigue are usually followed by price bounces. 

At the same time, it is worth noting that Bitcoin is just 11% away from its current all-time high, meaning that it is far from the bear market territory.   

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