February 22, 2024

Third Largest Bitcoin Whale Address Acquires 207 BTC Valued At $62K

Data suggests that Bitcoin (BTC) billionaires have returned to play at around $60,000, which is consistent with historical bull market behavior. On November 16, according to on-chain monitoring services, the third-largest Bitcoin behemoth address boosted its assets by 207 Bitcoins (BTC). Bitcoin’s value has dropped by 8% in the last 24 hours, but it remains a great investment for the cryptocurrency’s largest investors.

In the case of one address, which is currently the third-largest in the world with a total of 193,433.46915660 BTC, it incorporated the value of $12.84 million into its account at a Bitcoin price of $62,053. During the event, journalist Colin Wu mentioned that, as of right now, this address has raised its assets by 635 BTC in November. The current value of this account is 108,528.56 BTC, and the unrecognized revenue is 4,632,109,617.37 USD, bringing the total unrealized revenue to 4,632,109,617.37 USD.

As proven by blockchain statistics covering prior cycle peaks, such whale responses are quite frequent during bull runs. One constituent of CryptoQuant, a fellow on-chain data analysis firm, explained on Tuesday that, in his view, whales and major players typically hedge their Bitcoin holdings by converting them to derivative product exchanges and taking quick positions when they buy large amounts of BTC at a time when the price of Bitcoin is at its lowest point.

This pattern occurred during the most recent bull run (2017) when the All Transactions To Derivative Exchanges gauge reached its maximum several times and the price suffered a spike after each high was reached. Currently, during the bull run, the statistic has reached its maximum four times, showing that whales are consistently purchasing and hedging their coins. According to the post’s summary, this is a “long-term positive indicator” for price movement.

The Price Of Bitcoin Has Remained Cautious

Despite the fact that bulls have saved the day—and the whole week—Bitcoin (BTC) has accelerated toward fresh all-time highs to begin the new week. A week of sideways Bitcoin price activity came to a close just in time for the week’s closing, with the cryptocurrency regaining its previous high of $66,000. It is a typical motion that has grown all too typical in recent weeks, and the market’s attention is once again focused on optimistic results.

Distribution is a phenomenon that has traditionally followed the most ravenous periods of bullish price movements, such as the one that began in November of last year and has continued to the present day. Contrary to forecasts from Whalemap, a specialized tool for monitoring whale activity, a large volume of buyers at $62,000 was unable to avoid a retest of lower levels on Tuesday morning.

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