Reserve

Jerome Powell

Chair

Bitcoin

Million

<p>On-chain data shows a particular <a href="https://bitcoinist.com/bitcoin-wallets-holding-10-or-more-btc-surges/" rel="nofollow">Bitcoin whale</a> who accumulated almost $400 million between July 30 and 31. This whale is believed to have purchased the flagship crypto, having seen an opportunity to profit massively thanks to <a href="https://bitcoinist.com/bitcoin-mining-industry-poised-for-success-study/" rel="nofollow">Bitcoin’s recent price action</a>.&nbsp;</p> 
<h2 id="bitcoin-whale-purchases-almost-400-million-worth-of-btc">Bitcoin Whale Purchases Almost $400 Million Worth Of BTC</h2> 
<p><a href="https://bitcoinist.com/germany-shakes-up-crypto-market-with-1500-btc-move/" rel="nofollow">On-chain analytics platform Lookonchain</a> revealed in an X (formerly Twitter) <a href="https://x.com/lookonchain/status/1818529334208131158" rel="nofollow">post</a> that a Bitcoin whale (12QVs…oN2qo) has withdrawn 5,800 BTC ($387.88 million) from <a href="https://bitcoinist.com/binance-counters-13-billion-lawsuit/" rel="nofollow">Binance</a> in the past two days. This purchase suggests the whale anticipates higher prices from the flagship crypto soon enough and is looking to profit from such a price rally when the time comes.&nbsp;</p> 
<p>Interestingly, this purchase comes amid a decline in Bitcoin’s price, meaning that the whale sees this as a ‘<a href="https://www.newsbtc.com/news/bitcoin-traders-buy-dip-btc-plunges-66000/">buy the dip’ opportunity</a>. Bitcoin dropped to as low as $63,500 on July 31, having rebounded to almost $70,000 days ago. This price drop can be attributed to several factors, including concerns over <a href="https://www.nytimes.com/2024/07/31/world/middleeast/iran-orders-attack-israel.html" rel="nofollow">reports</a> that Iran had ordered a retaliatory attack against Israel for killing Hamas leader Ismail Haniyeh in Tehran.&nbsp;</p> 
<p>The Federal Open Market Committee (FOMC) meeting was held on July 31, and the Federal Reserve left interest rates unchanged. <a href="https://bitcoinist.com/federal-reserve-launches-fednow-crypto-in-trouble/" rel="nofollow">Fed Chair Jerome Powell</a> also said little to suggest that an interest rate cut could come in September, another factor contributing to Bitcoin’s recent decline.&nbsp;</p> 
<p>Despite its recent decline, Bitcoin is expected to enjoy another rebound soon enough and possibly break above the $70,000 range on its next leg up and rise to an <a href="https://bitcoinist.com/bitcoin-breaks-through-69000-setting-new-record/" rel="nofollow">all-time high (ATH)</a>. Crypto analyst <a href="https://bitcoinist.com/bitcoin-bottom-20-decline/" rel="nofollow">Michael van de Poppe</a> recently <a href="https://x.com/CryptoMichNL/status/1818647806833574282" rel="nofollow">mentioned</a> that Bitcoin looks good to continue toward a new ATH next month as long as the flagship crypto stays above $60,000 to $62,000.</p> 
<h2 id="whales-heavily-accumulated-btc-in-july">Whales Heavily Accumulated BTC In July</h2> 
<p><a href="https://app.intotheblock.com/coin/BTC/deep-dive?group=ownership&amp;chart=concentration" rel="nofollow">Data</a> from the market intelligence platform <a href="https://bitcoinist.com/bitcoin-time-bull-market-intotheblock-explains-why/" rel="nofollow">IntoTheBlock</a> shows that Bitcoin whales, holding at least <a href="https://bitcoinist.com/bitcoin-supply-in-profit-down-to-81-market-crash/" rel="nofollow">0.1% of BTC’s circulating supply</a>, bought over 84,000 BTC in July. This represents these whales’ largest monthly wave of Bitcoin accumulation since October 2014. These investors looked to take advantage of the <a href="https://bitcoinist.com/bitcoin-price-crashed-58000/#:~:text=Selling%20pressure%20on%20Bitcoin%20is,BTC%20holdings%20to%20fulfil%20redemptions." rel="nofollow">price dips</a> that Bitcoin suffered in July.&nbsp;</p> 
<p><a href="https://bitcoinist.com/bitcoin-price-tragic-june/" rel="nofollow">Bitcoin’s price crashes in June</a> extended into the beginning of July, as the flagship crypto dropped to as low as $55,000. However, this BTC accumulation from these whales paid off, as the crypto token enjoyed a massive rebound in the latter parts of July and a monthly close in the green.&nbsp;</p> 
<p>These whales will still hope Bitcoin can record more impressive gains in August. <a href="https://cryptorank.io/price/bitcoin" rel="nofollow">Data</a> from Cryptorank shows that Bitcoin has historically not enjoyed the best price action in August, ending the month in the red on eight occasions since 2011.&nbsp;</p> 
<p>At the time of writing, Bitcoin is trading at around $64,400, down almost 3% in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow">data</a> from CoinMarketCap.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/H2OMOy6Y/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1518">

Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday?

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