U.Today

Bitcoin (BTC) remains trapped in the $62,000 to $63,000 range, attempting to surpass $64,000. During this price struggle, whale investors are showing heightened interest in the leading cryptocurrency, potentially igniting a significant rally.

Earlier today, Lookonchain reported a substantial acquisition by a major Bitcoin whale, who withdrew 250 BTC from Binance, valued at approximately $15.6 million.

Long-term Holder

This isn't the whale's first purchase. According to Lookonchain, the investor executed this transfer after a six-month dormancy. Previously, the whale accumulated 10,158 BTC at an average price of $67,026 between March 14 and April 13, totaling around $681 million.

Following today's transaction, the whale currently holds 10,408 BTC, valued at about $696 million. However, Lookonchain notes that the whale is experiencing a loss of around $46 million due to the current Bitcoin price. Despite these losses, the whale continues to hold the coins without panic selling.

This behavior suggests a bullish outlook on Bitcoin, reflecting anticipation of future gains. Such long-term holding trends among whales can positively influence Bitcoin's market, as they may discourage panic selling and foster bullish sentiment within the community, potentially driving Bitcoin prices higher.

Originally published on U.Today