Bitcoin Whale's $66M Purchase Falls Short as Downward Pressure Remains Intense

A recent large-scale purchase of Bitcoin by a whale investor may not be enough to turn the tide in favor of the cryptocurrency, despite the initial optimism.

The whale bought 873.29 BTC worth $66.24 million from OKX, increasing its holdings to 881 BTC. However, this demand has yet to translate into a significant increase in price, and Bitcoin remains under intense downward pressure.

The cryptocurrency's Exchange Supply Ratio (ESR) has reached a monthly high of 0.133, indicating that sellers are overly active in the market. This suggests that the momentum has continually weakened due to small-scale investors reducing their market exposure during this period of weakness.