Bitcoin Whale Invests Almost $47 Million Despite Losses

A prominent Bitcoin whale recently increased its holdings by acquiring 750 BTC, even as it faces considerable unrealized losses on its previous investments.

On-chain analytics platform Lookonchain reported that this acquisition, valued at approximately $46.8 million, has raised the whale’s total Bitcoin holdings to 10,158 BTC, worth around $633 million at current prices.

This transaction marks a resumption of activity after a six-month lull for the wallet. The address reactivated yesterday by withdrawing 250 BTC (around $15.5 million) from Binance, indicating a shift toward a new accumulation strategy.

Notably, the whale’s average purchase price for its Bitcoin exceeds the current market rate. Lookonchain noted that the 10,158 BTC were acquired between March 14 and April 13 at an average cost of $67,026. With Bitcoin’s present value below that figure, the wallet is sitting on an unrealized loss of over $46 million.

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Despite these paper losses, the whale appears committed to a “buy the dip” approach, reflecting confidence in Bitcoin’s long-term prospects.

This accumulation occurs as Bitcoin struggles to hold the $62,000 mark, having briefly surged above $64,000 before dipping to $61,800 in the last 24 hours, and recovering slightly to $62,200. This price volatility is observed amid a broader bearish trend in the market, even as meme coins have enjoyed substantial gains recently.

Alexander Zdravkov