The Bitcoin whale known as “Mr. 100” has made its first purchase of Bitcoin (BTC) since the Bitcoin halving. This comes as multiple market analysts suggest that the price of Bitcoin may have reached its local bottom, as it bounces back from lows of $56,000.
According to on-chain data from Bitinfocharts, Mr. 100’s wallet has added over 4,100 BTC, worth more than $242 million, at around the $58,000 mark. This is the first time the whale entity has made a Bitcoin purchase since April 19, which was the day before the Bitcoin halving in 2024.
The whale address has been consistently receiving BTC since November 2022, when the FTX exchange collapsed. Since February 14, the wallet has been adding at least 100 BTC almost every day, except for the post-halving period.
Currently, Mr. 100 is the 12th-largest holder of Bitcoin, with over 65,155 BTC, according to Bitinfocharts. The wallet has unrealized profits of $1.4 billion, which is a 33% increase on its all-time Bitcoin holdings. The average buying price of BTC for the wallet is $36,572, and its total value is currently over $3.86 billion.
Bitcoin’s current correction is considered the longest and deepest retracement of the current cycle, according to popular Bitcoin analyst Rekt Capital. However, the analyst does not expect much more downside action for Bitcoin based on historical chart patterns.
While further downward movement seems unlikely, the price of BTC could consolidate for the next two months due to the challenging macroeconomic environment, according to Jag Kooner, head of derivatives at Bitfinex. He highlighted that the $52,000 mark on the weekly chart is the “most important level” to watch.
A weekly close above $52,000 would suggest that more upside is likely, as mentioned in a post by crypto trader Marco Johanning.
It has been confirmed that the “Mr. 100” address belongs to the Upbit exchange, according to wallet forensics analysis from Crystal Intelligence. The blockchain intelligence firm noted that all 14 secondary wallet addresses associated with Mr. 100’s main wallet have passed Know Your Customer verification on Upbit exchange.
Please note that this article does not provide investment advice or recommendations. Readers are advised to conduct their own research before making any investment decisions.