Whale Buys over 3,000 BTCs as Price Drops below US$50,000

Bucking the trend, the 3rd largest bitcoin hodler buys more than 3,000 BTCs as the price of the largest cryptocurrency drops below US$50,000. Learn more.

BitInfoCharts (a blockchain monitoring service) data shows that the 3rd largest bitcoin (BTC) holder has purchased more than 3,000 bitcoins (worth over US$150 million) over the last couple of days as BTC price dipped below US$50,000. The concerned anonymous investor currently holds around US$6 billion worth of BTCs, out of which he has made US$3 billion in profit due to skyrocketing bitcoin price. 

In less than 24-hours last week, the price of bitcoin has dropped by over US$11,000 (from over US$57,000 to US$46,000 per BTC). Though on Wednesday, the price of bitcoin regained the US$50,000 level and hovered around it, at press time the price again dropped to US$48,000 level. Since its all-time high at US$68,789.63 (reached on November 10, 2021), the BTC price is trading at a discount of around -30.27%. 

The third largest bitcoin address first became active around 2-years back (in February 2019) when the price of each BTC was hovering around US$3,000 level. The anonymous bitcoin investor started by buying 10,000 BTCs. Over the last 2-years, the address has accumulated 118,405 BTCs till now (including the latest purchase of 3,090 BTCs) at an average price of US$21,160 per bitcoin token.

A twitter handle @venturefounder tweeted: 

“You already bought 8,117 #BTC in the low $50k since the November correction, BTC dumped <$50k suddenly, what do you do?

The 3rd largest #Bitcoin whale wallet: BUY 2,702 more BTC in one day.

This #whale wallet added 2,702 $BTC today at $50.6k for a whopping total of $136.7M USD.”

The twitter handle negated the possibility that the 3rd largest BTC wallet address is a large cryptocurrency exchange by saying:

“Transaction volume and pattern doesn’t seem to support this, very inconsistent from other cold wallets… For one, many strategists buy the dip and sell the rally behaviours and clear the long term accumulation trend.”

This bitcoin whale address’s latest purchase bucks the ongoing trend among the largest BTC holders. A sales trader at GlobalBlock (UK-based digital asset broker) said:

“Digital asset markets have seen huge amounts of selling from crypto whales, who have been moving bitcoin from their wallets and depositing to exchanges at a staggering rate.”