The data on the chain shows a certain state. Bitcoin whale Who raised nearly $400 million between July 30 and 31. This whale is believed to have bought the leading cryptocurrency, after seeing an opportunity to make a huge profit thanks to Recent Bitcoin Price Action.
Bitcoin Whale Buys Nearly $400 Million in Bitcoin
Lookonchain On-Chain Analytics Platform Revealed on X (formerly Twitter) mail Bitcoin whale (12QVs…oN2qo) has withdrawn 5,800 BTC ($387.88 million) from Binance In the past two days. This buying indicates that the whale expects the leading cryptocurrency to see a price rise soon enough and is looking to take advantage of such a price rise when the time comes.
Interestingly, this purchase comes as the price of Bitcoin is falling, meaning that the whale sees this as a “dip buying opportunityBitcoin fell to a low of $63,500 on July 31, after rising to nearly $70,000 days earlier. This price drop can be attributed to several factors, including concerns about Reports Iran has ordered a retaliatory attack against Israel in response to the assassination of Hamas leader Ismail Haniyeh in Tehran.
The Federal Open Market Committee met on July 31, and the Federal Reserve left interest rates unchanged. Federal Reserve Chairman Jerome Powell He also did not mention much about the possibility of a September interest rate cut, another factor that has contributed to Bitcoin’s recent decline.
Despite its recent dip, Bitcoin is expected to enjoy another recovery soon enough and may break the $70,000 range on its next journey and rise to All Time High (ATH).cryptoanalyst Michael Van De Poppe newly mentioned Bitcoin looks set to continue towards a new record high next month as long as the leading cryptocurrency stays above $60,000 to $62,000.
Whales Amassed Huge Amounts of Bitcoin in July
Data From Market Intelligence Platform In the mass It appears that Bitcoin whales, who own at least 0.1% of the circulating supply of BitcoinMore than 84,000 bitcoins were bought in July. This marks the largest monthly bout of bitcoin accumulation since October 2014. These investors sought to profit from prices drop Bitcoin suffered in July.
Bitcoin price drop in June The bull run extended into early July, with the leading cryptocurrency falling to a low of $55,000. However, the accumulation of Bitcoin by these whales paid off, with the cryptocurrency seeing a massive rally in the latter parts of July and closing the month in the green.
These whales are still hoping that Bitcoin can post more impressive gains in August. Data Cryptorank data shows that Bitcoin has historically not enjoyed the best price action in August, ending the month in the red on eight occasions since 2011.
At the time of writing, Bitcoin is trading at around $64,400, down about 3% in the past 24 hours, according to Data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com
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