Whales are buying more Bitcoin !

Bitcoin price witnessed a period of relative stability after falling from the $70,000 level.

Despite this long market correction, this did not stop investors from increasing the amount of their cryptocurrencies.

On June 20, Lookonchain announced that a smart whale had purchased 6,070 bitcoins worth $395 million during a market downturn.

This whale is known for its well-thought-out strategies of buying and selling at high prices.

This whale had previously bought about 41,000 bitcoins worth $794 million during the 2022 bear market at an average price of about $19,000 per bitcoin.

He then sold 37,000 bitcoins for $1.74 billion in the bull markets of 2023 and 2024 at an average price of $46,000 per bitcoin, making profits of more than $1 billion.

This latest purchase is his first purchase in 1.5 years.

According to CryptoQuant data, major Bitcoin holders and miners sold more than $1.2 billion worth of Bitcoin during this period.

It is worth noting that, despite market fluctuations, the Glassnode platform remains optimistic about the general profitability of investors in Bitcoin, but it has noticed a decline in investor enthusiasm.

This balance between demand and selling pressure has led to price stability and low volatility.

The platform indicated that the current recession has led to a feeling of boredom and apathy among investors.

Historically, this suggests that a decisive price movement in either direction is necessary to stimulate the next round of market activity.

Posted using Tribaldex Blog