u.today
A colossal purchase of Bitcoin was made earlier today, with a single wallet accumulating over 26,200 BTC at a price point of $51,000 per Bitcoin.
The transaction, amounting to an eye-watering total of approximately $1.3 billion, was spotted on a wallet identified by the address 3M6XpqUc8G8GuHYKQhjAWobo5aGpkdV7u, raising speculation over the buyer's identity, which ranges from sovereign wealth funds to high-net-worth individuals like Jeff Bezos or Mark Zuckerberg.
Whale accumulation
Recent activity within the Bitcoin network displays a significant accumulation trend among Bitcoin whales, defined as wallets holding over 100 BTC and not associated with any centralized exchanges.
With the last transaction within the past 30 days, these entities seem to be in a state of collection rather than distribution.
The "realized price" for such a whale cohort currently stands at $40.5K, according to cryptocurrency analyst Ki Young Ju.
This behavior underpins a bullish sentiment in the market, indicating that key players are betting on the long-term value of Bitcoin despite short-term price fluctuations.
Bitcoin takes a breather
The current performance of Bitcoin shows a slight increase, with a 0.9% rise to $51,127.05, staying relatively steady within a 24-hour range between $50,660.25 and $51,965.03.
The stability around the $52K mark, however, is interpreted with caution by market analysts.
Swissblock recently argued that Bitcoin's current stall at this resistance level may presage a potential pullback,
Nonetheless, the market's robust trading volumes support a bullish outlook, and the overall market sentiment remains bullish.