- Whale makes good use of Bitcoin drop to buy more of the cryptocurrency
- The trader loaded up on 6,070 tokens worth $400 million when the price was $65,000
- Is the bear market end approaching, and is it time to buy?
Bitcoin Whale Buys the Dip
Bitcoin whales are brave and daring crypto market enthusiasts who hold large amounts of the original cryptocurrency. According to recent data from the blockchain, a single whale made the big-ticket purchase of 6,070 Bitcoin, worth a total of nearly $400 million.
The trader scooped up the discounted tokens when prices floated around the $65,000 mark. What does that mean for the crypto trends? Interestingly, this same individual successfully picked out the bottom of the Bitcoin prices in 2022 when they purchased $794 million, or 41,000 Bitcoin, at the average price of $19,000.
Since then, the price of Bitcoin has more than tripled, meaning that, if they held until now, the gains have ballooned to more than $2 billion.
End of Bear Market?
To this end, the fresh acquisition signals that this could be the end of the bear market, at least according to this big-ticket buyer. The price of the orange coin dipped to $65,000 this week, erasing about 13% from Bitcoin’s record-high valuation of nearly $74,000 per coin.
Early Thursday morning, Bitcoin was changing hands at levels around $65,000. Ethereum, the second-largest token, was going for $3,600 a piece. And the entire crypto asset market was flaunting a valuation of $2.4 trillion. The market cap has dropped slightly this week, having opened for weekly trading at a level of $2.5 trillion.
