Bitcoin Drops Below IDR 1 Billion, Crypto Whale Takes Advantage Of Moments To Buy BTC

Bitcoin plunged below Rp1 billion, whale crypto took advantage of the moment to buy BTC (Photo; Doc. Cryptometer)

JAKARTA - The crypto market is again struggling with sharp volatility which makes the price of Bitcoin drop below US$70,000. However, behind this downward trend, large investors or "whale" are looking at opportunities. A number of whales have reportedly accumulated significant amounts of Bitcoin, leveraging low price momentum ahead of the upcoming US presidential election.

Over the weekend, the price of Bitcoin experienced a sharp correction, down from a peak of 71,000 US Dollars to the deepest level of 67,700 US Dollars. Despite this decline, many retail investors are alert, crypto whale sees opportunities to buy more BTC. Data from Lookonchain, blockchain analytic platform, shows that since November 1, five whales have accumulated a total of 2,780 BTC, worth about 192.4 million US Dollars (IDR 3 trillion).

Each large number of whale movements signifies a serious strategy. Some of these large accounts attract their BTC deposits from the Binance exchange, move them to private wallets. The move shows a tendency to store coins in the long term, reduce selling pressure on the exchange, and give greater control over their crypto assets.

For example, one whale moved 880 BTC when the price of Bitcoin was at 69,500 US Dollars, increasing their BTC holdings to 1,381 BTC, equivalent to 95.12 million US Dollars (Rp1.4 trillion). Another Whale migrated 615 BTC (Rp41.7 million) when BTC was priced at 67,700 US Dollars. There is also an interesting 595 BTC (Rp41.38 million) from Binance, and the other moved 550 BTC (Rp38.68 million) as the price touched 70,300 US Dollars. The fifth investor moved 140 BTC (Rp9.48 million) when the price was around 67,700 US Dollars.

The whales' decision to buy Bitcoin ahead of the US election reflects the belief that the price of these assets will increase. The sentiment of optimism is driven by speculation about the impact of the election results on future crypto regulations. Republican candidate Donald Trump is considered to have a more pro-Bitcoin view, with promises to support widespread crypto adoption in the US if re-elected. On the other hand, Democratic candidate Kamala Harris also supports crypto-friendly arrangements, although with different approaches.