The chain data shows a specific Bitcoin Whale which amassed almost $400 million between July 30 and 31. This whale is believed to have bought the flagship cryptocurrency, seeing an opportunity to make a huge profit thanks to Recent Bitcoin Price Fluctuations.

Bitcoin Whale Buys Almost $400 Million Worth of BTC

Lookonchain Chain Analytics Platform revealed on X (formerly Twitter) fasting that Bitcoin whale (12QVs…oN2qo) withdrew 5800 BTC (387.88 million USD) Binance over the past two days. This purchase suggests that the whale is expecting higher prices from the flagship cryptocurrency soon enough and intends to benefit from such a price rally when the time comes.

Interestingly, this purchase comes at a time when the price of Bitcoin is falling, which means the whale sees it as a “buy a bargain at the bottom. Bitcoin fell to as low as $63,500 on July 31, after rebounding to nearly $70,000 a few days earlier. This price drop can be attributed to several factors, including concerns about reports that Iran ordered a retaliatory attack on Israel for the killing of Hamas leader Ismail Haniyeh in Tehran.

On July 31, the Federal Open Market Committee (FOMC) met, during which the Federal Reserve left interest rates unchanged. Federal Reserve Chairman Jerome Powell He also made no mention of the possibility of an interest rate cut in September, which also contributed to Bitcoin’s recent decline in value.

Despite the recent decline, Bitcoin is expected to see another rebound soon and perhaps break through the $70,000 level in the next uptrend and rise to All-time High (ATH). Cryptocurrency Analyst Michael van de Poppe Lately mentioned Everything indicates that Bitcoin will head towards a up-to-date ATH next month as long as the price of the flagship cryptocurrency stays between $60,000 and $62,000.

Whales were intensively accumulating BTC in July

Data from the market intelligence platform To the Block shows that Bitcoin whales with at least 0.1% of BTC circulating supplybought over 84,000 BTC in July. This is the largest monthly Bitcoin accumulation wave by these whales since October 2014. These investors wanted to take advantage of this opportunity price drops that Bitcoin suffered in July.

Bitcoin price drops in June stretched into early July, with the flagship cryptocurrency falling to as low as $55,000. However, this BTC accumulation from these whales paid off as the cryptotoken enjoyed a massive rebound in the latter parts of July and a monthly close in the green.

These whales are still hopeful that Bitcoin will post more impressive gains in August. Data Cryptorank data shows that Bitcoin has never enjoyed the best price action in August, ending the month in the red eight times since 2011.

At the time of writing, Bitcoin is trading at around $64,400, down almost 3% in the past 24 hours, according to data data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com