Bitcoin’s price range between $65K and $66K has fostered an environment of fear and disinterest among traders, leading to widespread capitulation.
This extended level of Fear, Uncertainty, and Doubt (FUD) is rare, as traders continue to give up. However, this period of trader fatigue, combined with whale accumulation, often leads to price bounces that reward patient investors.
🫣 The crowd is mainly fearful or disinterested toward Bitcoin as prices range between $65K to $66K. This extended level of FUD is rare, as traders continue to capitulate. BTC trader fatigue, combined with whale accumulation, generally leads to bounces that reward the patient. pic.twitter.com/WMy3lbdjEB
— Santiment (@santimentfeed) June 20, 2024
According to analyst Ali Martinez, 70.27% of all Binance accounts with open Bitcoin positions are currently going long, indicating strong bullish sentiment among a significant portion of traders. Supporting this optimism, data from Lookonchain reveals that a smart whale recently purchased 6,070 BTC, valued at $395 million, during the latest market drop.
This same whale had previously bought approximately 41,000 BTC, worth $794 million, during the 2022 bear market at an average price of $19K. They then sold 37,000 BTC for $1.74 billion at an average price of $46.8K during the 2023 and 2024 bull markets, making over $1 billion.
This recent purchase marks the whale’s first BTC buy in 1.5 years, highlighting their strategic approach to market highs and lows.
A smart whale bought 6,070 $BTC($395M) in the recent market drop!
This whale bought ~41K $BTC($794M) in the 2022 bear market at an average price of ~$19K.
He then sold 37K $BTC ($1.74B) at an average price of $46.8K in the 2023 and 2024 bull markets, making more than $1B!
This… pic.twitter.com/hBxxtlizgh
— Lookonchain (@lookonchain) June 20, 2024
Over 89% Of Bitcoin HoldersAre Currently In Profit
Despite the current market anxiety, more than 89% of Bitcoin holders are in profit, according to IntoTheBlock’s latest data, making BTC the top cryptocurrency by percentage of profitable holders.
However, the volume of transactions on the Bitcoin network has significantly declined since its all-time high, indicating reduced speculative activity and increased market indecision.
More than 89% of #Bitcoin holders are in profit!
-> According to @intotheblock's latest data, $BTC takes the top spot for cryptos ranked by the percentage of holders in profit
-> $ETH follows with 83.19%, $TRX with 82.07% and $PEPE with over 80%Check the rest below: pic.twitter.com/VohlK7GWkh
— CryptoPotato Official (@Crypto_Potato) June 20, 2024
Adding to the market dynamics, the German government recently transferred 2,000 BTC, with 1,100 BTC ($72.4 million) deposited to various centralized exchanges, including Kraken, Bitstamp, Gemini, BitFlyer, and Coinbase.
This follows the government’s seizure of 49,857 BTC (then valued at $2.14 billion) from the operator of the pirated movie website Movie2k in January 2024. The government now holds 47,859 BTC, worth $3.12 billion.
17 hours ago, the German Government transferred out 2,000 $BTC, of which 1,100 $BTC (~$72.4M) has been deposited to CEX, including:
• 500 $BTC ($32.6M) to #Kraken
• 500 $BTC ($32.6M) to #Bitstamp
• 40 $BTC ($2.61M) to #Gemini
• 40 $BTC ($2.61M) to #BitFlyer
• 30 $BTC… pic.twitter.com/5YqC7EI0FO— Spot On Chain (@spotonchain) June 20, 2024
In summary, while market sentiment around Bitcoin is currently low, strategic whale activity and high profitability among holders suggest potential for future market rebounds.
The ongoing actions of significant holders, like the German government and large individual investors, will continue to influence Bitcoin’s market trajectory.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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