Bitcoin’s price has been trapped within a tight range after its drop from $70,000. However, this prolonged market downturn has failed to deter investors from stacking up the world’s largest digital asset.
One such whale, known for strategically selling at price highs, has now bought $395 million worth of BTC.
First Bitcoin Purchase After 1.5 Years
On June 20th, Lookonchain flagged a smart whale who bought 6,070 BTC for a whopping $395 million during the market drop.
This same entity had previously purchased approximately 41,000 BTC, valued at $794 million, during the 2022 bear market at an average price of around $19,000 per BTC. They sold 37,000 BTC for $1.74 billion in the 2023 and 2024 bull markets at an average price of $46,000 per BTC. In this process, the whale netted over $1 billion in profit.
This entity has demonstrated remarkable intelligence in BTC trading, with most sales occurring at high price points, as observed by Lookonchain. The latest purchase represents the whale’s first acquisition of BTC in 1.5 years.
Bitcoin has been under tremendous pressure in recent weeks and is currently trading near $65,400. The cryptocurrency has been trading sideways without significant volatility, aside from the US CPI and FOMC-induced fluctuations, over the past two weeks owing to certain wallet holders decreasing their holdings since bitcoin traded over $70,000.
Among those selling are long-term bitcoin holders and miners during the same period, according to data compiled by CryptoQuant. In fact, large bitcoin holders have been found to have sold more than $1.2 billion worth of BTC during this period, likely using brokers.
Market Stagnation Breeds Investor Boredom, Apathy
Despite the choppy and sideways market conditions, Glassnode believes that the average Bitcoin investor has remained largely profitable. But the on-chain intelligence platform also noted a drop in “investor decisiveness.”
This has led to a balance between demand and selling pressure, resulting in stable prices and reduced volatility . The stagnation in the current market trend has unsurprisingly created a sense of boredom, apathy, and indecision by investors.
“Historically, this suggests that a decisive price movement in either direction is necessary to stimulate the next round of market activity.”
