The recent purchase suggests a positive outlook on Bitcoin’s future, sparking interest and speculation within the crypto community.
A savvy Bitcoin investor, known as a “smart whale,” has re-entered the market, buying 6,070 bitcoins worth $395 million during a recent dip. This marks the whale’s first purchase in over 18 months.
A smart whale bought 6,070 $BTC($395M) in the recent market drop!
This whale bought ~41K $BTC($794M) in the 2022 bear market at an average price of ~$19K.
He then sold 37K $BTC ($1.74B) at an average price of $46.8K in the 2023 and 2024 bull markets, making more than $1B!
This… pic.twitter.com/hBxxtlizgh
— Lookonchain (@lookonchain) June 20, 2024
Previously, the whale had bought about 41,000 BTC during the 2022 bear market at an average price of $19,000 per bitcoin, spending $794 million. These investments were sold during the bull markets of 2023 and 2024, with 37,000 BTC sold at an average price of $46,800 per Bitcoin, earning $1.74 billion and a profit of over $1 billion.
Whale’s Moves and Lower CPI Fuel Market Optimism
The blockchain analysis firm, Lookonchain, notes that the whale’s sales were well-timed with market highs, showcasing their market expertise. The recent purchase suggests a positive outlook on Bitcoin’s future, sparking interest and speculation within the crypto community. Many believe this might be the last chance to buy Bitcoin at a lower price before a new bull run begins.
Per a recent report, the U.S. Consumer Price Index (CPI) for May held steady at 0.3%, which was higher than the expected 0.1%. Overall CPI inflation decreased to 3.3% in May from 3.4% in April. The Core CPI, which excludes food and energy prices, dropped to 0.2% in May from 0.3% the previous month. Moreover, annual Core CPI inflation decreased to 3.4% from 3.6% in April. These lower inflation figures have increased investor confidence, resulting in a surge in the cryptocurrency market, including Bitcoin.
Currently, Bitcoin is facing challenges in maintaining a value above the $65,000 mark. In the last week, it has experienced a 4% decline and dropped below $65,000 for the first time since May 16. Over the past 24 hours, $72.60 million worth of BTC has been liquidated, with $49.62 million from long positions. The $65,000 level is considered a crucial support level. If the selling trend continues, Bitcoin’s value may decline to around $61,000. Many are closely monitoring this latest move by experienced traders, especially given the significant market fluctuations.
