On September 2nd, a whale bought one thousand Bitcoins worth $57.41 million. This brings the total Bitcoin held by the whale to 8559 BTC, worth $493.18 million. The whale has been buying the dip since August 29th, when they purchased 1,000 BTC worth $59.65M on the day. Bitcoin is changing hands at $57,659, a 1.20% drop since early Sunday evening.
Bitcoin has plummeted quite a bit – from 63,000 USD to 57,600 USD, a bearish trend that has been continuing ever since Bitcoin price reached the 63K mark.
According to Coinalyze metrics, the aggregate interest in Bitcoin has taken a hit as well. After the price reached $62,040, the interest has further plunged. However, this whale does not seem to worry about the recent dip; instead, it sees it as an opportunity to buy more bitcoin. Between June 27th and July 8th, the whale sold 7790 BTC, which was worth $468.3M. The whale could be ‘HODL’-ing (holding) the Bitcoins for another price hike to make more profits.
The aggregate investor interest drop from 16.31B to 16.30B indicates a gradual wane of traders’ interest as they close out contracts and leave the market. Many crypto analysts who are also taking to Twitter hold the opinion that interest in Bitcoin continues to decline. Ali Martinez pointed out that miners are holding more Bitcoin, reducing the selling pressure from miners.
While the price of Bitcoin should have stabilized, Bitcoin price prediction states a different story. Bitcoin’s range-bound movement, despite a decrease in miner selling pressure, indicates that prices can fall further if more buyers decide to leave the market. So far, Bitcoin seems to be having a rough week, which may continue if the market does not have more whales HODLing.