JAKARTA - In the midst of the Bitcoin price correction which is still stuck in the tight range after falling from US$70,000 (Rp1.15 billion), large investors remain undaunted to add the world's largest digital asset. One of the Bitcoin whales known for its intelligent strategy, has just made a large purchase of Rp6.49 trillion.
On June 20, Lookonchain reported that this intelligent whale bought US$6,070 BTC worth 395 million (Rp6.49 trillion) as the market experienced a decline. The whale has previously purchased around 41,000 BTC worth US$794 million (Rp13 trillion) during the bearish 2022 market at an average price of around US$19,000 (Rp312 million) per BTC. They then sold 37,000 BTC with a value of US$1.74 billion (Rp28.6 trillion) during the 2023 and 2024 bullish markets at an average price of 46.000 US Dollars (Rp756 million) per BTC. In this process, the whale made a profit of more than US$1 billion (Rp16.4 trillion).
This entity demonstrates extraordinary intelligence in BTC trading, with most sales occurring at high price points, as observed by Lookonchain. This latest purchase is BTC's first acquisition by the whale in 1.5 years.
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Bitcoin has been under great pressure in recent weeks and is currently trading in the range of 65,400 US Dollars (Rp1.07 billion). These cryptocurrencies are moving sideways without significant volatility, except for fluctuations caused by CPI and FOMC in the US, in the past two weeks as several wallet holders have reduced their holdings since Bitcoin was trading above 70,000 US Dollars (Rp1.15 billion).
Among those who sell are long-term Bitcoin holders and miners over the same period, according to data compiled by CryptoQuant. In fact, large Bitcoin holders have been found selling more than 1.2 billion US Dollars (Rp19.7 trillion) BTC during this period, likely using brokers.
Despite the market conditions that are moving sideways and overhauled, Glassnode believes that the average Bitcoin investor is still largely profitable. However, this on-chain intelligence platform also noted a decline in investor firmness.
This causes a balance between demand and selling pressure, resulting in stable prices and reduced volatility. Stagnacy in current market trends unexpectedly creates boredom, apathy, and uncertainty among investors.
"Historically, this shows that a firm price move in one direction is needed to stimulate the next round of market activity," said Glassnode.
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