One of the major Bitcoin whales recently added 750 BTC to its holdings, even though it has significant unrealized losses from existing assets. According to Lookonchain, a platform that tracks on-chain data, the whale purchased Bitcoin worth $46.8 million, bringing its total holdings to 10,158 BTC.
At current market prices, the whale’s Bitcoin holdings are valued at approximately $633 million. This recent move comes after a six-month period of inactivity in the whale’s wallet, with activity resuming yesterday when the address withdrew 250 BTC (about $15.5 million) from Binance, indicating a renewed accumulation strategy.
Interestingly, the average purchase price of the whale’s holdings is higher than the current market value of Bitcoin. Lookonchain reports that the whale bought its 10,158 BTC between March 14 and April 13 at an average price of $67,026. Given that Bitcoin’s current value is below that, the whale is facing unrealized losses exceeding $46 million.
Despite these paper losses, the whale continues with the “buy the dip” strategy, signaling strong confidence in Bitcoin’s long-term potential.
This accumulation comes at a time when Bitcoin is struggling to hold the $62,000 level. After briefly rising above $64,000, BTC dropped to $61,800 in the last 24 hours, before slightly recovering to $62,200. This volatility is happening amid broader bearish market trends, though meme coins have posted triple-digit gains in the past week.
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