$282 Million in BTC Acquired Amid Market Lows

After a significant price drop in BTC, a notable Bitcoin whale took advantage of the lower prices by purchasing an additional 620 BTC, totaling US$39.8 million (AU$60.9 million), effectively buying at the market’s low point.

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This purchase seems to be part of a broader strategy by this investor who, since March 21, has acquired a total of 4,380 BTC for US$282.38 million (AU$431.9 million) from Binance.

The average price paid per Bitcoin during this period was US$64,471 (AU$98,623).

According to Lookonchain, all these transactions were linked to the blockchain address “12QVsfAFv5RsHuqx4i9WsNGJPeiYLoN2qo”, indicating a targeted accumulation strategy during this time of market volatility.

At the time of writing, Bitcoin trades hands for US$63,195 (AU$96,555) while continuing sideways in a choppy range.

Traders Spooked, Market Recovery Imminent?

Analysts at Santiment said that while the recent BTC price drop spooked traders, buy signals across socials are low, with calls to sell increasing. They believe such increased fear in the market hints toward a recovery, as the pessimism may be overblown and present buying opportunities for others.

Over the past month the fear-and-greed index has gone from extreme greed to a neutral stance, mirroring the subdued sentiment among traders.

Wallet Growth Defies Volatile Market

Despite the fluctuating price action, more data from Santiment shows the number of non-empty Bitcoin wallets continues to increase, showing a growing adoption among users. This growth comes even as the overall market experiences price instability, suggesting a strong underlying interest in Bitcoin irrespective of its current value fluctuations.

In contrast, wallets for other cryptocurrencies like Dogecoin, which saw significant increases earlier in the year, are now experiencing stagnation. The surge in interest that drove increases in Dogecoin wallet numbers has levelled off, indicating a cooling of enthusiasm in the meme narrative.

Meanwhile, Santiment points toward another altcoin:

The number of active wallets on the Cardano network has actually decreased. This decline could reflect a variety of factors including shifts in investor confidence, changes in network activity, or broader market dynamics.

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