U.Today – the largest cryptocurrency by market value – surpassed $60,000 and hit a high of $60,660 in trading on Saturday. The rise reflected a reversal of September’s losses amid fears of a weakening U.S. economy.
Bitcoin price surged on Friday, hitting $60,770, its highest level since early September, as traders grew optimistic that the upcoming Federal Reserve meeting could produce a large rate cut.
Gains were maintained at press time, with Bitcoin up 3.27% over the past 24 hours to $59,835.
As Bitcoin touched the $60,000 mark, on-chain analytics platform Lookonchain reported that seven wallets that have been dormant for over a year and likely belong to the same whale deposited 203 BTC worth $12.18 million on Binance a few hours ago for a profit of $6.89 million.
Deposits to exchanges usually reveal a selling intent, while withdrawals may imply a buying intent. According to Lookonchain, the Bitcoin whale in question purchased the 203 BTC worth $5.29 million between March 10 and August 7, 2023.
Whales make movements
According to on-chain data sources, Bitcoin whales have made notable moves, buying and selling over the past 24 hours, coinciding with Bitcoin's surge above $60,000.
According to Lookonchain, after the BTC price surpassed $60,000, a Bitcoin whale purchased another 1,062 BTC worth $63.96 million. The whale currently holds 10,043 BTC worth $603.84 million.
Similarly, in a profit-taking move, a BTC swing trader deposited 205 BTC worth $12.4 million on Binance, earning a total profit of $2.36 million.
MicroStrategy, a corporate Bitcoin shareholder, disclosed the purchase of another 18, worth $1.11 billion at $60,408 between August 6 and September 12.
MicroStrategy currently holds 244,800 BTC worth $14.15 billion, and the average purchase price is $38,585. At current prices, the gain would amount to a whopping $4.71 billion.
This article was originally published on U.Today
