Bitcoin Wallets Reactivate as BTC Surges to $60,000, Signaling Market Activity
Bitcoin, the leading cryptocurrency in market value, surged past $60,000, hitting highs of $60,660 during Saturday trading. This upswing marked a turnaround from losses in September, driven by concerns about the weakening U.S. economy.
On Friday, Bitcoin’s price climbed to $60,770, its highest point since the start of September, as traders grew hopeful about a potentially significant rate cut following the Federal Reserve’s upcoming meeting. The positive momentum continued, with Bitcoin showing a 3.27% increase in the last 24 hours, reaching $59,835.
As Bitcoin crossed the $60,000 threshold, data from on-chain analytics platform Lookonchain revealed that seven dormant wallets, likely belonging to the same entity, deposited 203 BTC valued at $12.18 million into Binance. This move resulted in a profit of $6.89 million.
Deposits on exchanges typically indicate a selling intent, while withdrawals may suggest buying activity. The whale behind the aforementioned Bitcoin transactions acquired the 203 BTC for $5.29 million between March 10 and August 7, 2023.
Notably, Bitcoin whales have been active recently, engaging in substantial buying and selling as Bitcoin surged above $60,000. According to Lookonchain, following Bitcoin’s breach of $60,000, a whale purchased an additional 1,062 BTC worth $63.96 million, bringing their total holdings to 10,043 BTC valued at $603.84 million.
In a profit-taking maneuver, a BTC swing trader deposited 205 BTC worth $12.4 million into Binance, securing a total profit of $2.36 million. Meanwhile, MicroStrategy, a corporate holder of Bitcoin, disclosed the acquisition of 18,300 BTC worth $1.11 billion at an average price of $60,408 between August 6 and September 12.
Currently, MicroStrategy holds 244,800 BTC valued at $14.15 billion, with an average purchase price of $38,585. At present market rates, the accrued profit stands at an impressive $4.71 billion.
