Smart Whale Makes $395M Bitcoin Purchase During BTC Price Dip
Bitcoin has seen a period of stability following its decline from $70,000, but this has not deterred investors from accumulating the leading digital asset. A notable whale, renowned for selling strategically at peak prices, recently made a significant purchase of $395 million worth of BTC.
On June 20th, Lookonchain identified a savvy whale that acquired 6,070 BTC for $395 million during the market downturn. This same entity had previously obtained around 41,000 BTC valued at $794 million during the 2022 bear market, selling 37,000 BTC for $1.74 billion in the subsequent bull markets of 2023 and 2024. This series of transactions resulted in a profit exceeding $1 billion for the whale.
Demonstrating astute trading acumen, the entity has a track record of selling at opportune moments, as highlighted by Lookonchain. Notably, this recent purchase marks the whale’s first acquisition of BTC in 1.5 years.
Bitcoin’s price has been relatively subdued in recent weeks, hovering around $65,400. The cryptocurrency has exhibited sideways movement with limited volatility, attributed in part to certain wallet holders reducing their holdings after Bitcoin surpassed $70,000. Data from CryptoQuant indicates that long-term holders and miners have sold over $1.2 billion worth of BTC during this period, likely utilizing brokers for transactions.
Despite the stagnant market conditions, Glassnode suggests that the average Bitcoin investor has remained profitable overall. However, the platform also noted a decline in “investor decisiveness,” leading to a balance between demand and selling pressure. This equilibrium has resulted in stable prices and decreased volatility, fostering a sense of ennui, indifference, and hesitancy among investors.
The prevailing market stagnation has created a scenario where a decisive price movement in either direction may be necessary to stimulate renewed market activity. This sentiment underscores the current state of investor sentiment and the anticipation of potential market shifts in the near future.
