One of the largest BTC whales has resumed its accumulation appetite by buying more than $37 million worth of the primary cryptocurrency. This comes after a few weeks of untypical silence.
- CryptoQuant’s analyst going by the Twitter handle VentureFounder outlined the most recent purchase earlier today.
- As the address associated with this whale shows, they bought 596 bitcoins at an average price of $62,934. This means that they spent just over $37.5 million in total.
- Interestingly, this purchase comes after a lack of serious activity in the past few weeks. Previously, the whale made multiple purchases and sales in accordance with BTC’s price movements.
- For example, they sold substantial portions when the cryptocurrency surged above $60,000 in They began to reaccumulate when the asset lost half of its USD value in the following months.
- Most recently, they sold some bitcoins at $56,000 earlier this month before repurchasing them a day later at a higher price.
- It’s worth noting that the current rally, which saw BTC going from $40,000 at the end of September to a new ATH at $67,000 last week, was mainly caused by such whales making large purchases, at least according to on-chain data.
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