Bitcoin Whale Bought Millions of BTC Amid Crypto Price Crash
- WBOYOriginal
- 2024-08-01 18:13:341032browse
During days like this when the market is plunging, traders are usually panicking and selling. This causes both Bitcoin and Ethereum to plunge below $64k
Bitcoin price plunged below $64,000 on Friday evening, as did Ethereum, which fell below $3,200. Both prices dropped around 3% over the past 24 hours.
This follows our report earlier today, which stated that the FOMC meeting is the main reason for this crypto price crash. The Federal Open Market Committee (FOMC) is the branch of the Federal Reserve that decides on monetary policy. Their meetings can significantly impact financial markets.
However, some traders are using this opportunity to buy the dip.
According to SpotOnChain, a whale, identified as 0x25e, has made several large purchases over the past 43 hours. The total amount of WBTC bought by the whale is 97.75, using 6.286M USDT at an average price of $64,306 in just 10 minutes.
In total, the whale has acquired 283.015 WBTC using 18.586M USDT at an average price of $65,671 over the past 43 hours. The wallet address associated with these transactions is 0x25eaca255f37ec7f722a9f005c85a4542cab157b.
As of now, the whale’s WBTC holding is valued at around $18.11M, showing an unrealized loss of $473K, or about 2.54%.
It’s also worth noting that the (W)BTC price has dropped 2.65% in the past 24 hours. Despite this, Whale 0x25e has purchased 283.015 WBTC, which is equivalent to $18.6M, in just the past two days.
When whales accumulate during a dip, it can be seen as a vote of confidence in the Bitcoin’s long-term potential. This behavior might encourage other investors to follow suit, potentially helping to stabilize prices or even reverse the downward trend.
Read also: AI Predicts Ripple (XRP) Price in 2025 and Factors to Consider
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