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Sujit Kumar
Oct 9, 2024
by Sujit Kumar

Bitcoin Whale Adds 750 BTC Despite Facing Major Unrealized Losses

bitcoin whale
A prominent Bitcoin whale recently added 750 BTC to their holdings, despite facing significant unrealized losses. The purchase, valued at $46.8 million, was reported by on-chain data platform Lookonchain. This brings the whale's total Bitcoin holdings to 10,158 BTC, which is currently worth approximately $633 million.

Dormant Wallet Activity Resurfaces

The whale's recent Bitcoin purchase follows a six-month period of dormancy. Yesterday, they withdrew 250 BTC (worth $15.5 million) from Binance, signaling renewed activity. The acquisition of an additional 750 BTC today demonstrates the whale's continued interest in accumulating Bitcoin, even as the current market value of their holdings remains below their average entry price.

Lookonchain revealed that the whale purchased their BTC at an average price of $67,026 between March and April. With Bitcoin currently trading around $62,300, the whale is experiencing unrealized losses exceeding $46 million. However, this latest move indicates a strong belief in the long-term potential of Bitcoin and a commitment to the "buy the dip" strategy.

Bitcoin Struggles Around $62,000

The whale's accumulation comes as Bitcoin struggles to hold above the $62,000 level. After briefly touching $64,000, the cryptocurrency has fluctuated, dipping as low as $61,800 in the past 24 hours before stabilizing around $62,300. While most top altcoins have remained stagnant, meme coins have surged significantly in recent days, capturing market attention.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Bitcoin Whale
Bitcoin Whale Adds 750 BTC Despite Facing Major Unrealized Losses
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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