Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday?
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On-chain data reveals a Bitcoin whale accumulated almost $400 million in BTC between July 30 and 31. The whale withdrew 5,800 BTC from Binance, seeing a 'buy the dip' opportunity. Bitcoin's recent price drop to $63,500 was influenced by geopolitical and economic factors. Analysts like Michael van de Poppe believe Bitcoin could rise to an all-time high if it stays above $60,000 to $62,000. Whale accumulation in July was the highest since October 2014, with 84,000 BTC purchased. Despite historical poor performance in August, whales are optimistic about future gains.
The whale's movement implies a bullish outlook on Bitcoin, preparing for a potential price rally. Previously, Bitcoin's price rebounded significantly in late July after a dip, closing the month in green. At present, Bitcoin trades around $64,400, down nearly 3% in the last 24 hours.
Source: www.newsbtc.com ↗
