Recently, a cryptocurrency whale acquired $395 million worth of Bitcoin (BTC). This whale had previously purchased $794 million in Bitcoin during the bear market of 2022. By selling 37,000 BTC for $1.74 billion at an average price of $46,800 in 2023 and 2024, the whale profited over $1 billion.
This marks the whale’s first purchase in 1.5 years. Currently, Bitcoin is trading at $65,722 on Bitstamp, having increased by 0.9% in the past 24 hours.
Bitcoin Fatigue
According to cryptocurrency analytics firm Santiment, Bitcoin’s audience is presently experiencing fear or disinterest. The firm noted that this level of fear, uncertainty, and doubt (FUD) is “rare” and suggests that the Bitcoin trading community may have reached a state of capitulation.
Read more The Unexpected Decline of Bitcoin Below $65,000: Unveiling the Causes
Santiment also mentioned that these periods of fatigue are typically followed by price surges. Additionally, it is worth noting that Bitcoin is only 11% below its all-time high, indicating that it is far from the bear market territory.
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