Bitcoin (BTC) has dropped again, revisiting the $56,000 price level as predicted and reported by Finbold on September 1. What the cryptocurrency market primarily sees as a bearish signal, millionaire investors see as an opportunity, increasing their BTC stacks.
The above is true for at least three Bitcoin whale addresses spotted accumulating millions of dollars in BTC these days. In particular, Finbold collected three posts from Lookonchain on X, reporting some of these millionaire investors who are bullish on Bitcoin.
Notably, the recent purchases happened as September started in the red despite what the stock market calls the “September Effect.” Historically, both stocks and Bitcoin presented negative average and median results in September, bringing fear, uncertainty, and doubt (FUD).
While the FUD dominates retail’s minds, millionaire investors, whales, and institutions double down on their positions, buying at a discount.
Bitcoin whales and millionaire investors buy the Bitcoin dip
First, the address ‘1KuPi…’ withdrew 1,100 BTC from Binance on September 2, worth $64.26 million. The purchase happened a few minutes before Wall Street opened and a few hours before a run to $59,785.
On September 3, Lookonchain reported the millionaire Bitcoin investor ‘3G98j…’ made another purchase of 322.37 BTC, worth $19 million. This address has constantly accumulated Bitcoin, buying 2,322.37 BTC ($136 million) in five days. The investor holds a $523 million worth position of 8,881 BTC in this wallet.
More recently, ‘bc1qg32…’ added 545 BTC, worth $30.82 million, to an 862 BTC position built at price bottoms in the last three days. The investor currently holds a millionaire position of nearly $50 million.
Bitcoin (BTC) hourly price chart, with millionaire investors’ activity. Source: TradingView / Finbold
While millionaire investors, whales, and institutions buying Bitcoin can be a strong signal of an incoming bull market, retail traders and investors should avoid blindly following these indicators.
Understanding the underlying fundamentals and tracing a solid plan is essential to thrive in finance markets like cryptocurrencies, which can be volatile and, to some extent, manipulated.
As of this writing, BTC trades at $56,528 against the U.S. dollar (USD).
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk
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