16th largest Bitcoin whale buys 48k BTC before correction with $500M in unrealized losses
Bitcoin, currently trading 20% below its all-time high, is experiencing a period of consolidation in the high $50,000s. The market has just seen its largest correction of this cycle, dipping by 28% to just below $54,000.
Bitcoin: Bull Market Correction Drawdowns: (Source: Glassnode)
Coinglass data shows that Bitcoin remains in a state of fear according to the Fear and Greed Index, which is currently at 28. This presents an opportunity for investors to purchase Bitcoin at a discount.
Crypto Fear and Greed Index: (Source: Coinglass)
Data from BitinfoCharts, which tracks the top 100 rich Bitcoin addresses, reveals that a whale now holds 48,429 BTC, making it the 16th largest holder. This investor, who first bought in on May 30, a week before the correction started on June 7, accumulated roughly 48,500 BTC by June 8. Despite the subsequent market downturn, the whale has maintained their position, now facing over $518 million in unrealized losses. This address accounts for 0.25% of the circulating Bitcoin supply.
Whale address: (Source: bitinfocharts)
As new investors accumulate Bitcoin during correction cycles, holding an unrealized loss becomes as significant as buying the dips. This also demonstrates that whales are no more adept than retail investors.
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