Remarkably, a whale has bought no less than 94 million dollars worth of bitcoin in a short time. This is evident from fresh on-chain figures from Lookonchain.
Active whale
A “bitcoin whale” is a term to describe individuals or entities that own a very large amount of bitcoin. The rule of thumb is 1,000 bitcoin or more. With their hefty buy or sell orders, they can cause the price to move considerably (at times), depending on how liquid the market is. They are typical market actors who can also hold Bitcoin for a long time and sell it when the price peaks.
A whale has been active since March 6 and has collected 1,308 bitcoin in a short time, approximately 94 million at the current price. The bitcoin can be found on-chain via the address bc1qag725vjxxpkkl5gshfkye9xn4p5vklrlhgkw5w and the average purchase price is $68,617 per coin.
A whale accumulated 113.735 $BTC($7.85M) from #Binance again 1 hour ago.
This whale has accumulated 1,308 $BTC($89.75M) at an average price of $68,617 since Mar 6.
Address:
bc1qag725vjxxpkkl5gshfkye9xn4p5vklrlhgkw5w pic.twitter.com/8ywJYM8w9d— Lookonchain (@lookonchain) April 7, 2024
Remarkably, his last purchase was on April 7, over 113 bitcoins worth more than $7.85 million. This was the whale’s second largest trade this accumulation wave. The largest single purchase was over 123 bitcoins, worth over $8 million on April 3.
Rising price
There is a bit more optimism now that the bitcoin price has risen above $71,000 again. Research from Coinbase shows that the dips have been bought aggressively and analysts are anticipating a new rally for the price pre-halving. This analyst also sees parallels with the previous halving. Some highlights of his analysis: miners are not selling, neither are whales for the time being and stock exchange reserves are at historically low levels because aggressive purchasing is taking place.
Same vibe as the previous #Bitcoin halving. https://t.co/Iez8vXkPvw
— Ki Young Ju (@ki_young_ju) April 8, 2024
Source: https://bitcoinmagazine.nl/nieuws/opmerkelijk-deze-whale-koopt-1-308-bitcoin-in-slechts-een-maand-tijd
