A well-known Bitcoin whale has accumulated more than 600 $BTC (nearly $43.33M) over 2 weeks. As per Lookonchain, a popular on-chain analytics firm, the accumulation of an additional 600 $BTC results in the whale’s total holdings reaching a staggering 2,000 $BTC (accounting for $144.82M) over the last 2 weeks. The analytics provider discussed this event on the social media platform X.
A whale accumulated another 600 $BTC($43.33M) 2 hours ago.
The whale has accumulated 2,000 $BTC($144.82M) in the past 2 weeks, with an unrealized profit of $6.3M!
Address:
bc1quyzu5xj0m4nczlfa0njzfgf8z0t7spsfz28ly5cn6v8w8mk4ra5s07ypfr pic.twitter.com/zvTyZwFVDZ— Lookonchain (@lookonchain) October 30, 2024
Bitcoin Whale Sees $63M in Unrealized Gains in a Recent Buying Spree
Lookonchain mentioned that the buying spree of the whale has led to substantial unrealized gains of up to $63M. This denotes a huge confidence in the long-term price potential of Bitcoin. The respective activity obtained significant attention from the overall crypto community, especially as Bitcoin expresses resilient key support levels. Hence, it can result in a likely bullish breakout.
It is surprising to see that whales are still accumulating Bitcoin despite a price surge. The only possible reason for this is FOMO after the current price surge which has taken $BTC above the $72,000 mark.
In line with the on-chain data, the whale is actively purchasing $BTC in substantial amounts. This mirrors a timely approach toward market entrance. As Bitcoin is witnessing a relatively stable market outlook, the recent buy-in indicates a trend of accumulation by the whales amid market consolidation phases. This anticipates a likely price appreciation for Bitcoin.
Some Interpret Whale’s Accumulation as a Bullish Sign for the Market
According to Lookonchain, the whale address under discussion has witnessed mounting popularity because of its consistent $BTC accumulation. Some interpret this move as a bullish sign for the wider crypto market. Whale activity often indicates the entrance of high-net-work institutional investors into the market. This likely influences the retail investors, contributing to a broad positive sentiment.
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