Smart Money Adds 14.91 Million USD Worth of Bitcoin, Accumulation Continues

IconCryptoNewsTerminal Staff26 Jul, 2024

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Smart Money Adds 14.91 Million USD Worth of Bitcoin, Accumulation Continues

On-chain data reveals that a smart money address has acquired 225.5 BTC (14.91 million USD) on Binance, further demonstrating the ongoing accumulation trend among sophisticated investors. According to blockchain analytics firm Lookonchain, the specific address has been actively accumulating Bitcoin since December 17th, purchasing a total of 1,147 BTC (76.8 million USD) at an average price of 65,878 USD. With the current Bitcoin price hovering around 66,050 USD, the whale has already booked a profit of approximately 1.3 million USD. This strategic accumulation by smart money investors indicates their bullish sentiment towards Bitcoin and highlights the growing adoption of the asset class as a store of value and inflation hedge. Despite recent market volatility, the long-term outlook for Bitcoin remains positive, with institutional investors and whales continuing to accumulate. This accumulation trend is expected to continue in the coming months and years, as more investors recognize the value proposition of Bitcoin and its potential to outpace traditional investment options over the long term.

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