The Bitcoin price has fallen from $70,000 and is now stuck in a tight range. Nevertheless, investors have continued to accumulate the world’s largest digital asset despite the long-running market downturn.
During the recent market crash, a smart investor bought 6,070 bitcoins (BTC) for $395 million. Lookonchain claims that this whale has a track record of making smart decisions in the market.
In 2022, smart whales bought 41,000 bitcoins and sold them for $1.74 billion
Whales went through $794 million to purchase around 41,000 *BTC* amid the 2022 bear advertise, with a normal cost of $19,000 per coin. This calculated decision made it possible to receive significant income and a return on investment.
Whales sold 37,000 BTC during the 2023 and 2024 bull markets, with each transaction averaging $46,800. This equates to a total of $1.74 billion. Producers made a profit of over $1 billion from this spectacular transaction. Since most of the purchases were made towards the bottom of the market, the whales’ timing was actually ideal.
Buy of Bitcoin for the To begin with Time in 1.5 Years
Lookonchain identified a clever whale on June 20 who purchased 6,070 bitcoins for $395 million during the market dip.
During the bull markets of 2023 and 2024, they sold 37,000 bitcoins for $1.74 billion, with an average price of $46,000 per Bitcoin. During this process, the whale made over $1 billion in profit.
According to Lookonchain, this entity has shown exceptional skill in BTC trading, with most of the sales occurring at higher price points. The whale’s most recent purchase is his first Bitcoin acquisition in the past 1.5 years.
After facing immense pressure in recent weeks, the price of Bitcoin is currently trading near $65,400. For the past two weeks, the cryptocurrency has been trading sideways with little volatility outside of US CPI and FOMC-induced fluctuations. This is because some wallet holders have been selling their holdings since the price of Bitcoin reached above $70,000.
According to data collected by CryptoQuant, sellers during that time included long-term Bitcoin holders and miners. It found that significant Bitcoin holders, presumably through brokers, sold more than $1.2 billion worth of BTC during this time.
