Friday, January 28

Amid Bitcoin plunge, whale ‘buys the dip’ with $137 million

Bitcoin (BTC) crash from it’s all time highs has prompted one of the largest wallets to purchase an additional $137 million worth of BTC, cummulating to a total of $6 billion worth of BTC holding.

This is according to Blockchain data from  BitInfoCharts showing how one entity took a bullish stand on Bitcoin.

Bitcoin is trading at $50,548.90 at the time of writing, down from its all-time highs of $69,000, indicating a significant sell-off. Unknown entity, on the other hand, is buying the dip in large quantities.

What you should know

  • Bitcoin whale accounts have been actively selling over the past week, especially following the massive drop on Saturday, and have played a key role in propelling the most popular cryptocurrency to $50,000.
  • However, going against the grain, on-chain monitoring resources claim that this particular whale transaction is one of the largest in recent memory.
  • The wallet holder upped with a single purchase of 2,700 BTC, bringing their total to 118,017 BTC, after buying frequently since BTC/USD hit all-time highs of $69,000 last month.

The purchase eclipses prior purchases, bringing the holder’s balance to “whopping” record levels, as highlighted by popular Twitter account, Venturefounder.

This is officially the highest number of Bitcoin EVER held in this wallet: 118,017 BTC, in total the whale has put $2.5B USD to buy BTC with an average cost basis of $21,160 per BTC,” the account tweeted.

CryptoQuant analyst VentureFounder noted that, “while it’s possible this is a #coldwallet for exchange like Robinhood, transaction volume & pattern doesn’t seem to support this, very inconsistent from other cold wallets. For one, many strategic buy the dip & sell the rally behaviors and clear long term accumulation trend”.