- Two cryptocurrency whales have capitalized on the recent dip in Bitcoin’s price, purchasing a significant amount of the digital currency.
- According to a post by blockchain analysis platform Lookonchain, the whales bought 791 Bitcoins, equivalent to $49.8 million, at the dip.
- Bitcoin’s price fell below $62,000 earlier today, coinciding with a system outage at Coinbase, the largest cryptocurrency exchange in the United States.
Two crypto whales seize the opportunity presented by a dip in Bitcoin’s price, purchasing a total of 791 Bitcoins. The move comes amidst a system outage at Coinbase, the largest US crypto exchange.
Whale Accumulation Amidst Market Dip
As Bitcoin’s price fell below the $62,000 mark earlier today, two crypto whales saw an opportunity. According to blockchain analysis platform Lookonchain, the whales purchased a total of 791 Bitcoins, equivalent to $49.8 million. This move demonstrates the whales’ confidence in Bitcoin’s long-term potential, despite short-term market fluctuations.
System Outage at Coinbase
The purchase coincided with a system outage at Coinbase, the largest cryptocurrency exchange in the United States. While the exact impact of the outage on Bitcoin’s price is uncertain, it’s clear that the whales capitalized on the dip, reinforcing the buy-the-dip strategy often adopted by seasoned investors in the crypto space.
Whale Bitcoin Accumulation Details
One of the whales has been accumulating Bitcoin since March 19, amassing a total of 4,736 Bitcoins, valued at $309 million. The average cost per unit was $65,264. The other whale has been accumulating Bitcoin since November 23, 2023, with a total value of $35.7 million and an average cost per coin of $45,156. These figures highlight the significant investment and belief these whales have in the future of Bitcoin.
Conclusion
The recent actions of these two crypto whales underscore the confidence some investors have in Bitcoin’s long-term value, despite short-term market volatility. As Bitcoin continues to establish itself as a legitimate asset class, such large-scale investments are likely to become more common. The key takeaway for investors is the importance of a long-term perspective and the potential benefits of a buy-the-dip strategy in the crypto market.
