Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday?

Quick Summary:

This whale is believed to have purchased the flagship crypto, having seen an opportunity to profit massively thanks to Bitcoin’s recent price action.  Bitcoin Whale Purchases Almost $400 Million Worth Of BTC On-chain analytics platform Lookonchain revealed in an X (formerly Twitter) post that a Bitcoin whale (12QVs…oN2qo) has withdrawn 5,800 BTC ($387.88 million) from Binance in the past two days.

These investors looked to take advantage of the price dips that Bitcoin suffered in July.  Bitcoin’s price crashes in June extended into the beginning of July, as the flagship crypto dropped to as low as $55,000.

Data from Cryptorank 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 almost 3% in the last 24 hours, according to data from CoinMarketCap.  Featured image created with Dall.

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Article Details

Author / Journalist: Scott Matherson

Category: Crypto

Markets: United KingdomIsrael

Topics: Btcusd Btc price Btc Bitcoin price Bitcoin news Whale BTCUSDT Bitcoin Bitcoin BTC news Bitcoin Whale

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-01 @ 22:00:12 (20 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 453 words

Reading Time: 3 minutes read

Sentences: 62 lines

Sentence Length: 8 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 21893762

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