A savvy Bitcoin investor, often called a “smart whale,” has re-entered the Bitcoin market with a substantial purchase of 6,070 Bitcoins worth $395 million during a recent market dip. This is the whale’s first acquisition in over 18 months, following a history of strategic buys and profitable sales exceeding $1 billion.
Here’s everything you need to know.
Many in the crypto community believe this could be the last chance to buy Bitcoin at a lower price before it starts a new bull run. The whale’s actions are closely tracked by blockchain analysis firm Lookonchain, which highlights a proven track record of smart market moves.
During the 2022 bear market, this investor bought around 41,000 BTC at an average price of $19,000 per Bitcoin, spending $794 million. This strategy paid off significantly during the bull markets of 2023 and 2024. The whale sold 37,000 BTC at an average price of $46,800 per Bitcoin, earning $1.74 billion and a profit of over $1 billion.
Lookonchain notes that most of these sales were perfectly timed with market highs, showcasing the whale’s expertise in understanding the volatile market. The recent purchase of 6,070 BTC, valued at $395 million, signals a strong re-entry into the market and suggests a positive outlook on Bitcoin’s future. This move has generated significant interest and speculation within the crypto community.
Bitcoin (BTC) is currently struggling to stay above the $65,000 level, posting losses of around 4% over the past week and dropping below $65,000 for the first time since May 16. In the last 24 hours, $72.60 million worth of BTC has been liquidated, with $49.62 million of that from long positions.
The $65,000 level is seen as an important support point. If selling continues, Bitcoin might fall even further, possibly to around $61,000. Given the whale’s history of successful trades, many are closely watching this latest move as Bitcoin and other cryptocurrencies continue to face significant market fluctuations.
Also Read : Regulatory Shifts: SEC’s New Stance on Ethereum and Spot ETFs
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