Bitcoin Whales On the Move: What’s Behind Accumulation Tactics?

• Bitcoin whales accumulate amidst market volatility, signaling long-term confidence.
• Major investors’ 49,274.2% profit showcases Bitcoin’s historic profitability.

Bitcoin whales are making waves with significant accumulation moves. Today, two notable whales bought a staggering 791 BTC, equivalent to $49.8 million, seizing the opportunity at the market’s bottom. This strategic move comes amidst ongoing volatility and uncertainty in the digital asset space.

One such whale, identified by the wallet address 1LXdAT, has been steadily accumulating Bitcoin since March 19, amassing a total of 4,736 BTC valued at a whopping $309 million. With an average purchase price of $65,264.

Similarly, the wallet address bc1qr4 has diligently accumulated BTC since November 19, 2023, acquiring 791 BTC with an average price of $45,156, totaling $35.7 million. These calculated accumulation strategies underscore the confidence of seasoned investors in Bitcoin’s long-term potential.

2 whales bought 791 $BTC($49.8M) at the bottom today.

1LXdAT has accumulated a total of 4,736 $BTC($309M) at an average price of $65,264 since Mar 19.

bc1qr4 has accumulated a total of 791 $BTC ($35.7M) at an average price of $45,156 since Nov 19, 2023.

Address:… pic.twitter.com/7inMMDtPSk

— Lookonchain (@lookonchain) May 14, 2024

What are Early BTC Whales Upto?

In a separate development, a major Bitcoin investor from 2013 recently moved over 1,000 BTC. It reaped a remarkable profit of 49,274.2%. This significant transaction highlights the substantial gains made by early adopters of the pioneering cryptocurrency.

Just last week, data from Santiment revealed that large whales, holding between 1,000 and 10,000 BTC, collectively accumulated approximately $941 million worth of coins. This surge in accumulation coincided with its tight range between $61,000 and $64,000, signaling a renewed bullish sentiment among institutional investors.

As of the latest market update, Bitcoin is trading at $62,501, reflecting a 2.73% surge. With a trading volume of $27 billion, marking a 65% increase. Despite the recent gains, Bitcoin remains 15.31% away from its all-time high, indicating the potential for further upward movement.

Analysts say that these accumulation trends among whales and positive market indicators suggest confidence in Bitcoin’s resilience amidst market volatility.

Source