U.Today, the largest cryptocurrency by market value, topped $60,000 to a peak of $60,660 in Saturday trading. The gain reflected a reversal of losses from September amid concerns about a weakening U.S. economy.
Bitcoin rose on Friday to $60,770, its highest level since early September, as investors grew confident that the next Federal Reserve meeting would bring a significant interest rate cut.
These gains continued up until the time of going to press, with Bitcoin’s price rising 3.27% to $59,835 over the past 24 hours.
As Bitcoin’s value hit $60,000, on-chain analytics platform Lookonchain reported that seven wallets that had been dormant for over a year and most likely belonged to the same whale deposited 203 BTC worth $12.18 million on the Binance exchange a few hours ago, making a profit of $6.89 million.
Deposits to exchanges typically indicate an intention to sell, while withdrawals can indicate a purchase. According to Lookonchain, the Bitcoin whale in question purchased the aforementioned 203 BTC for a total of $5.29 million between March 10 and August 7, 2023.
The whales are moving
According to on-chain data sources, bitcoin whales have made unusual buying and selling moves in the past 24 hours, coinciding with bitcoin rising above $60,000.
According to Lookonchain, after BTC price surpassed $60,000, the Bitcoin whale bought another 1,062 BTC worth $63.96 million. The whale currently holds 10,043 BTC worth $603.84 million.
Similarly, in profit-taking, a BTC swing trader deposited 205 BTC worth $12.4 million on the Binance exchange, making a total profit of $2.36 million.
Bitcoin cryptocurrency owner MicroStrategy has revealed that it bought another 18 cryptocurrencies worth $1.11 billion for $60,408 between August 6 and September 12.
MicroStrategy currently holds 244,800 BTC worth $14.15 billion, with an average purchase price of $38,585. At current prices, the gain would be a staggering $4.71 billion.
