The Bitcoin whale entity known as “Mr. 100” has made its first purchase of Bitcoin (BTC) since the Bitcoin halving, signaling a potential bottom in the local Bitcoin market. According to on-chain data from Bitinfocharts, Mr. 100’s wallet has acquired over 4,100 BTC worth more than $242 million at around the $58,000 mark. This marks the first time the wallet has made a Bitcoin purchase since April 19, the day before the Bitcoin halving in 2024. The wallet, which is currently the 12th-largest Bitcoin holder, has been steadily accumulating BTC since November 2022 when the FTX exchange collapsed. With over 65,155 BTC, the wallet is sitting on $1.4 billion in unrealized profit, with an average buying price of $36,572 per BTC. The total value of the wallet is now over $3.86 billion.
Bitcoin’s current correction is the longest and deepest retracement of the current cycle, according to popular Bitcoin analyst Rekt Capital. However, Rekt Capital doesn’t expect much further downside action for Bitcoin based on historical chart patterns. While a further decrease in price seems unlikely, BTC price may consolidate for the next two months due to the challenging macroeconomic environment, according to Jag Kooner, head of derivatives at Bitfinex. On the weekly chart, the $52,000 mark is seen as the “most important level” to watch, as it acts as a high timeframe support-resistance level. A weekly close above this level would suggest more upside potential for Bitcoin.
It has been confirmed that the “Mr. 100” address belongs to the Upbit exchange, according to wallet forensics analysis from Crystal Intelligence. All the 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 should conduct their own research before making any investment or trading decisions.