Smart Whale Returns With $395M Bitcoin Buy Amid BTC Price Correction

Bitcoin price has been stuck within a tight range after falling below $70,000. However, this prolonged market decline has failed to deter investors from piling up the world’s largest digital asset.

One such whale, known for strategically selling at high prices, has now bought $395 million in BTC.

First Bitcoin purchase after 1.5 years

On June 20, Lookonchain flagged a smart whale that bought 6,070 BTC for $395 million during the market crash.

This same entity had previously bought approximately 41,000 BTC, valued at $794 million, during the 2022 bear market at an average price of around $19,000 per BTC. They sold 37,000 BTC for $1.74 billion in the 2023 and 2024 bull markets at an average price of $46,000 per BTC. In the process, the whale made more than a billion dollars in profits.

This entity has shown remarkable intelligence in trading BTC, with most sales at high prices, as observed by Lookonchain. The latest purchase represents the whale’s first acquisition of BTC in 1.5 years.

Bitcoin has come under tremendous pressure in recent weeks and is currently trading near $65,400. The cryptocurrency has been trading sideways without significant volatility, aside from US CPI and FOMC-induced fluctuations, over the past two weeks as some portfolio holders have decreased their holdings since bitcoin traded over $70,000.

Those selling include long-term bitcoin holders and miners over the same period, according to data compiled by CryptoQuant. In fact, large bitcoin holders have been found to have sold more than $1.2 billion in BTC during this period, likely using brokers.

Market stagnation breeds boredom and apathy among investors

Despite choppy and sideways market conditions, Glassnode believes the average Bitcoin investor has largely remained profitable. But the on-chain intelligence platform also noted a drop in “investor decision.”

This has resulted in a balance between demand and selling pressure, resulting in stable prices and reduced volatility. The stagnation of the current market trend has, unsurprisingly, created a sense of boredom, apathy and indecision on the part of investors.

“Historically, this suggests that a decisive price move in either direction is needed to stimulate the next round of market activity.”

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