Major Bitcoin whale buys $395M worth of BTC after price drop
Blockchain analysis tool Lookonchain revealed that recently, a prominent investor made a substantial investment, buying $395 million in Bitcoin (BTC).
During the tough market conditions of 2022, this investor had already secured Bitcoin worth $794 million.
After offloading 37,000 Bitcoin for a total of $1.74 billion at an average rate of $46,800 in the years 2023 and 2024, the investor's profit soared beyond $1 billion.
This investment marks the investor's first foray back into buying Bitcoin after a hiatus of 1.5 years.
As of the latest, Bitcoin's price on the Bitstamp platform has seen an increase of 0.9% in the last 24 hours, trading at $65,722.
Cryptocurrency metrics agency Santiment indicates that there's a current wave of fear or lack of interest among the Bitcoin community.
The analytics firm highlighted that experiencing such fear, uncertainty, and doubt (FUD) is an unusual scenario, suggesting that the Bitcoin investors might be in a phase of surrender.
Santiment added that historically, such periods of downturn often precede rebounds in price.
Moreover, it's important to recognize that Bitcoin is only 11% short of its peak value, indicating that it remains well above the threshold of a bear market.
