Bitcoin has recently entered a period full of volatility and uncertainty. After reaching all-time highs, the cryptocurrency has struggled to hold on to the lows. However, in this process, it seems that some major players did not ignore the confidence in the market and the long-term potential.
Since late March, a Bitcoin whale has moved quite impressively. Blockchain tracking company Lookonchain to what you stated According to the report, a specific address starting with “12QVsfA” purchased 4,380 BTC worth a total of $282.38 million during this period. On average, a price of $64,471 was paid for each Bitcoin.
The exchange preferred by this whale was Binance. All purchases made since March 21 have been made through this platform:
“After the price of BTC dropped, this whale bought another 620 BTC ($39.8 million) from the bottom. This whale purchased 4,380 BTC ($282.38 million) from Binance at $64,471 since March 21. Address: 12QVsfAFv5RsHuqx4i9WsNGJPeiYLoN2qo.”
NEWS CONTINUES BELOW
On the same day, Lookonchain also detected another whale who deposited over $77.67 million in Bitcoin to crypto exchange Kraken. While it’s unclear what the whale plans to do with their crypto, depositing them on Kraken means they could potentially sell BTC.
Lookonchain reported that the whale in question accumulated $1.68 billion worth of Bitcoin in just a month and a half.
“A whale deposited 1,200 BTC ($77.67 million) on Kraken 43 minutes ago. From March 1 to April 15, the whale accumulated 24,755 BTC ($1.68 billion) at an average price of $68,051. Address: bc1qcpflj68s3ahy4xajez4d8v3vk28pvf7qte2jmlftvxzfke2u6mqsge3gvh”
Such large purchases and movements provide important clues about the overall health and future of the cryptocurrency market. The behavior of large whales will continue to be a subject of speculation and analysis among investors. This could have significant impacts on the prices and market dynamics of Bitcoin and other cryptocurrencies.
At the time of writing, Bitcoin is trading at $63,315, down 14% from its all-time high of $73,737.
You can access current market movements here.
