Bitcoin, the world’s largest cryptocurrency by market capitalization, surpassed $71,000 for the first time, extending this year’s rise to nearly 70% thanks to massive inflows into US exchange-traded funds.
Bitcoin, the world’s largest cryptocurrency by market capitalization, surpassed $71,000 for the first time, extending this year’s rise to nearly 70% thanks to massive inflows into US exchange-traded funds.
Amid Bitcoin’s rise to a new all-time high (ATH), a large purchase of 4,192 BTC has sparked intrigue and excitement within the crypto community.
Point on the chainan on-chain analytics firm, reported an intriguing move by a new crypto whale as Bitcoin approached $71,000.
According to Spot On Chain, a new whale named “3Khjn” withdrew 4,192 BTC worth $289 million from Binance when the price was around $68,937 in the previous 1.5 days.
The whale now makes a profit of $10 million if it were sold at current prices. Withdrawals from cryptocurrency exchanges indicate an intention to buy or accumulate, while deposits indicate an intention to sell.
The timing of the BTC purchase was especially intriguing because it occurred at the same time that Bitcoin’s price and trading volume were skyrocketing.
While the identity and motives of the buyer remain a mystery, the BTC purchase has attracted attention.
It could be a whale or an institution trying to capitalize on Bitcoin’s bullish trend. It could also be a strategic move by a major player, indicating confidence in Bitcoin’s future trajectory.
Despite the lack of concrete information, the possible implications of such a large purchase may vary. It could indicate institutional interest in Bitcoin, citing the growing adoption of cryptocurrencies by traditional financial institutions and corporations. It could also be a bullish indicator, suggesting that the buyer was betting on Bitcoin’s long-term potential and resilience as a store of value.
At the time of writing, BTC was up 2.54% in the last 24 hours to $71,702. Previously, it had reached intraday highs of $71,815, marking its new ATH (all-time high).
