Half Billion Bitcoin Whale Suddenly Grabs Large BTC Chunk

U.Today - Smart whale tracking account on X @lookonchain has detected a large Bitcoin purchase performed just recently. It was made by an anonymous wallet owner who already holds a stash of more than $500 million worth of BTC.

Large whales stocking up on BitcoinThis whale purchased 322.37 BTC valued at roughly $19 million. Over the last week, this investor accumulated 2,322.37 BTC, having paid $136 million for that crypto chunk.

Their total Bitcoin holdings at the moment amount to 8,881 BTC. This is the equivalent of $523,000,000. @lookonchain shared the wallet address of this whale: 3G98jSULfhrES1J9HKfZdDjXx1sTNvHkhN.

Meanwhile, according to the @spotonchain crypto tracker, a cryptocurrency whale purchased 1,100 BTC on the Binance trading platform. They withdrew this BTC worth $64.2 million with a $62 million profit on the investment.

@spotonchain pointed out that this is a skilled Bitcoin trader, as they have been buying BTC when it fell to lows and then selling it once the world’s leading digital currency surged to hit price highs.

Between November 2023 and January 2024, the prepump period for Bitcoin, this whale accumulated 2,947 BTC (the largest part of their holdings now) at a price of $44,300 per coin on average.

They then made strategic sales, dumping a total of 315 BTC when Bitcoin reached local highs of roughly $60,300 each in March and then in August of this year. As of now, this skilled BTC trader holds 3,823 BTC worth $227 million. Their estimated profit, according to SpotonChain, amounts to $61.8 million (that is a 34% increase).

Samson Mow expects Bitcoin to "go up a lot"Earlier today, Bitcoin bull and JAN3 boss Samson Mow published a tweet that caught the crypto community’s attention. Mow talked about the flat-trading Bitcoin curve that has been dominating the market over the past week – since Aug. 28.

On that day, Bitcoin crashed from the $64,400 area to the $59,800 zone. Mow warned those who expected BTC to be “trading sideways forever” that this was not the case here.

The JAN3 chief executive pointed out that from his observations, this is exactly the time when Bitcoin starts to “go up a lot.” While BTC was trading in the $59,000 range, Mow tweeted that he did not sell a single Satoshi from his Bitcoin stash.

Source: Investing.com