Bitcoin

Monster

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
A colossal purchase of Bitcoin was made earlier today, with a single wallet <a href="https://twitter.com/CalebFranzen/status/1761100618351976584" rel="noopener noreferrer nofollow">accumulating</a> over 26,200 BTC at a price point of $51,000 per Bitcoin.&nbsp;
The transaction, amounting to an eye-watering total of approximately $1.3 billion, was spotted on a wallet identified by the address 3M6XpqUc8G8GuHYKQhjAWobo5aGpkdV7u, raising speculation over the buyer's identity, which ranges from sovereign wealth funds to high-net-worth individuals like Jeff Bezos or Mark Zuckerberg.&nbsp;
<h2 id="whale-accumulation">Whale accumulation&nbsp;</h2>
Recent activity within the Bitcoin network displays a significant accumulation trend among <a href="https://u.today/bitcoin-btc-price-to-hit-63000-in-march-matrixport-predicts" rel="noopener noreferrer nofollow">Bitcoin</a> whales, defined as wallets holding over 100 BTC and not associated with any centralized exchanges.&nbsp;
With the last transaction within the past 30 days, these entities seem to be in a state of collection rather than distribution.&nbsp;
The "realized price" for such a whale cohort currently stands at $40.5K, according to cryptocurrency analyst Ki Young Ju.&nbsp;
This behavior underpins a bullish sentiment in the market, indicating that key players are betting on the long-term value of Bitcoin despite short-term price fluctuations.
<h2 id="bitcoin-takes-a-breather">Bitcoin takes a breather&nbsp;</h2>
The current performance of Bitcoin shows a slight increase, with a 0.9% rise to $51,127.05, staying relatively steady within a 24-hour range between $50,660.25 and $51,965.03.&nbsp;
The stability around the $52K mark, however, is interpreted with caution by market analysts.&nbsp;
Swissblock recently argued that Bitcoin's current stall at this resistance level may presage a potential pullback,&nbsp;
Nonetheless, the market's robust trading volumes support a bullish outlook, and the overall market sentiment remains bullish.&nbsp;

Monster Bitcoin (BTC) Purchase Mystifies Community

Table of Contents

U_Today

Other articles published on Feb 23, 2024

Solana (SOL) might give you 4x gains in 2024 but what altcoin should you buy for 50x?

ARK Development Report - February 23, 2024

Unveiling the Top Picks for the 2024 Bull Market: Exploring Furrever Token (FURR), Dogecoin (DOGE...

Bitcoin ETFs Draw Major Investments as Market Swings Persist

Avalanche Faces Downtime, AVAX Price in Red

Andromeda Launches its $ANDR Token on MEXC

Join our free newsletter for daily crypto updates!