Lookonchain reports that three major crypto players have amassed a staggering 2,814 Bitcoin (BTC) worth approximately $157.3 million following last week’s substantial market drop.
The accumulation began on September 1st, with the three wallets labeled “bc1qg,” “bc1qd,” and “36LMb,” pulling these funds from Binance at an average purchase price of $55,887 per Bitcoin. This aggressive buying activity has caught the attention of market watchers, particularly given the pace and timing of these acquisitions.
The context behind this development is even more intriguing. Bitcoin had dropped 12% from its weekly high, plummeting to $52,550, which had a ripple effect on the entire cryptocurrency market. This resulted in a nearly 4% contraction in overall market capitalization, equivalent to around $73 billion lost.
Bitcoin Rebounds to $55K: Dead Cat Bounce or Start of a Bull Market?
Despite the initial pessimism, the market narrative shifted as Bitcoin rebounded slightly to $55,350 just days after the decline. This begs the question: Is this merely a temporary “dead cat bounce,” or could it be the first sign of a renewed bull market, given the significant whale purchases?
The three wallets involved in this accumulation are relatively new, having been around only about a week. However, they now hold a combined total of 2,814 BTC, with the largest wallet containing 1,381 BTC, worth approximately $76.28 million. The other two wallets hold 433 BTC and 1,000 BTC, valued at $23.92 million and $55.24 million, respectively.
As the cryptocurrency market fluctuates, this latest development has sparked discussions among industry observers and investors alike. The timing and scale of these whale purchases suggest a shift in market sentiment, signaling a renewed confidence in Bitcoin’s long-term prospects.
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