The year 2024 starts with the most interesting investment as one of the crypto enthusiasts and the largest Bitcoin holder surprises today with the significant purchase of 8,888.88 Bitcoin worth $379 million.
Details of Purchase
The purchase, made at an average price of $42,640 per bitcoin, comes when the cryptocurrency market is experiencing a bullish trend. Bitcoin’s price has been on the rise in recent weeks, with many experts like Michael Sylor, who owns 174,530 Bitcoins, predicting that it could soon surpass its all-time high in the history of Bitcoin. The purchase interest in Bitcoin is growing and it might be because of several reasons Bitcoin ETF approval is on the horizon and once it gets approved, the price of the Bitcoin will rise to the sky.
According to VanEck adviser Gabor Gurbacs, the approval of the Bitcoin ETF does not only benefit Bitcoin; it also proves to be as profitable for cryptocurrency itself. A recent post by VanEck adviser Gabor Gurbacs on X (Twitter), where explains the impacts and effects of the Bitcoin ETF.
Tether Leading the Race
According to BitInfoCharts, The unknown buyer is Tether who withdrew 8888.88 BTC from the Bitfinex platform today. With this significant purchase, Bitfinex becomes the tenth-largest Bitcoin holder. Tether now holds a total of 66465.2 BTC ($2.82 billion), with a cost price of $25,176, and a profit of $1.148 billion (+68%).
In 2024, Bitcoin will definitely continue to gain mainstream acceptance by the industry. It’s likely and expected that we’ll see more large-scale purchases like this in the future.
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