Highlights:
- Dormant Whale reawakened after six months with additional BTC accumulations to expand an over 10,000 BTC store portfolio.
- The whale investor’s recent purchase resulted in over $40 million in losses.
- Despite the drop in price actions, over 80% of Bitcoin holders have remained profitable.
While Bitcoin (BTC) continues to take holders and enthusiasts on a bumpy ride, whale investors are taking advantage of the price declines to expand their BTC portfolio. In one of the most recent buying spree, a whale splashed about $15.6 million to procure 250 BTC from Binance.
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Interestingly, renowned on-chain tracker Lookonchain captured the whale’s BTC accumulation escapade. As usual, it reported the transaction details on its verified X handle. Aside from the recent procurement, the on-chain tracker revealed the large investor’s previous BTC accumulation escapades.
Per Lookonchain, the whale spent roughly $681 million to acquire 10,158 Bitcoin in several purchasing sprees that cost about $67,026 in average selling price. Notedly, the over 10,000 BTC purchase occurred this year between March 14 and April 13. Subsequently, the large investor never elicited any significant BTC transfer until recently. Hence, it highlights a dormancy period of roughly six months.
A giant whale withdrew 250 $BTC($15.6M) from #Binance again 1 hour ago after being dormant for 6 months!
The whale accumulated 10,158 $BTC($681M) at $67,026 from #Binance between March 14 and April 13.
At the current price, this whale has lost $46M on $BTC!
Address:… pic.twitter.com/0Pl4akX5Wn
— Lookonchain (@lookonchain) October 8, 2024
Whale Investor Incurred Losses from Latest Token Procurement
Following the 250 BTC procurement, the whale investor’s total BTC holdings increased to about 10,408. Meanwhile, as stated earlier, BTC has dropped considerably over the past few weeks. For context, it is changing hands at about $62,200, reflecting a 2.4% decline in the past 24 hours.
Within the same time frame, the flagship crypto asset price fluctuated between $61,932.41 and $63,810.22 as minimum and maximum price limits. Relative to the amount spent to acquire the over 10,000 BTC, it becomes apparent that the investment is incurring losses. Lookonchain estimated the forfeited sum to be worth approximately $46 million.
Ordinarily, the large investor did not trigger its latest token accumulation without a prior idea of the loss implications. His decision invariably implies significant faith in Bitcoin’s appreciation prospect. Consequently, it could also influence other investors who might have considered panic sell-offs. Therefore, chances abound that Bitcoin’s price could pick up from enjoying traders’ trust.
#Bitcoin Breakout Around the Corner 🚀#BTC is gearing up for a move higher soon. pic.twitter.com/NCPZaGtS49
— Titan of Crypto (@Washigorira) October 8, 2024
Bitcoin Profitable Holders Remain Above 80% Despite Price Dips
According to IntoTheBlock’s BTC’s Holders Making Money at Current Price data, 87% of the flagship crypto holders are making gains. 5% are neither losing nor gaining, while 8% are incurring losses. The variable readings imply that despite the current declines, a significant percentage of the token holders will hardly consider panic sell-offs.
Meanwhile, concentration by large holders reflected 12%, signifying that whale actions might not necessarily elicit sudden momentum changes in BTC’s price movements. In Holders Composition by Time Held data, 71% are long-term holders (> 1 year). 25% are intermediate owners (1 – 12 months), while 5% are short-term holders (< 1 month).
Other relevant statistics revealed that the Bitcoin network has been quite busy with transactions greater than $100K, reflecting $89.84 billion in the past week. Additionally, weekly total exchange netflows were negative at about $197.2 million, implying that more tokens left exchanges within the specified period.
Big Q4 Expectations for BTC
With eight days in October, it is safe to assert that Q4 just began with massive expectations for BTC enthusiasts. In one of our old publications, renowned market expert Ash Crypto claimed that BTC will hit $100K in this cycle.
Interestingly, the expert cited historical trends and several other happenings to back his claims. Whether the projection plays remains fluid. However, his assertions seem plausible, which we can only ascertain as events unfold.
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