A large Bitcoin whale has accumulated an additional 750 BTC, despite facing substantial unrealized losses on their existing holdings.
The $46.8 million purchase was shared by Lookonchain. According to on-chain data, this giant whale now holds a total of 10,158 BTC.
The current value of the whales’ holdings stands at around $633 million at current market prices.
Bitcoin whale’s movement comes after six months of dormancy
The whale’s recent movement comes after a six-month period of dormancy for the wallet. Its recent activity began yesterday when they withdrew 250 BTC (worth $15.5 million) from Binance.
A giant whale withdrew 250 $BTC($15.6M) from #Binance again 1 hour ago after being dormant for 6 months!
The whale accumulated 10,158 $BTC($681M) at $67,026 from #Binance between March 14 and April 13.
At the current price, this whale has lost $46M on $BTC!
Address:… pic.twitter.com/0Pl4akX5Wn
— Lookonchain (@lookonchain) October 8, 2024
This withdrawal marked the end of their six-month dormancy and is a likely indication of its new move. Today’s purchase of an additional 750 BTC further shows the whales interest in accumulating Bitcoin.
Interestingly, the whale’s average entry price for their large Bitcoin holdings is higher than the current market value.
Lookonchain reports that the whale accumulated their 10,158 BTC at an average price of $67,026 between March 14 and April 13. Given the current Bitcoin price, this means the whale is facing unrealized losses of more than $46 million on their investment.
Despite these paper losses, the whale has decided to add to their position, showing a strong conviction in the buy the dip strategy.
Bitcoin struggles to hold above $62,000
The whale’s purchase comes amidst Bitcoin’s recent struggle to stay afloat. Bitcoin has fallen to the $62,000 level after slowly recovering and pushing above the $64,000 level.
In the last 24 hours, BTC fell as low as $61,800 before climbing back to its current price of $62,300. Bitcoin’s price volatility is alongside the overall bearish market conditions, except that of the meme coins.
The current market situation seems to favor the meme coin market, as a majority of these meme coins have pumped three digits in the last week. But the top altcoins have failed to exhibit positive momentum, with only BNB up by 3.5% in the last 24 hours.
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