Earlier today, Lookonchain provided details about a massive purchase from a giant Bitcoin whale. The on-chain tracking service revealed that this whale withdrew 250 BTC from crypto exchange Binance a few hours ago. This BTC purchase is estimated to be worth around $15.6 million, based on the BTC price at the time.
With today’s move, the giant whale now holds 10,408 BTC. The overall value of these coins is estimated to be around $696 million. However, Lookonchain revealed that the whale is currently in loss. At the current Bitcoin price, this giant whale has lost around $46 million in BTC. Despite these losses, the whale is still holding the coins and avoiding panic selling.
This means that this giant whale is still bullish on Bitcoin, anticipating high gains in the future. Moreover, such a long-term holding trend by whales like this is positive for Bitcoin. It can encourage other investors to avoid panic selling, eventually creating bullish sentiment across the community. Consequently, the Bitcoin price may get a significant boost from it.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
