The world’s third largest holder of bitcoin has just bought up a whole lot more. It appears the anonymous whale has purchased as much as $150 million in new BTC units. The news came from Bit Info Charts, a blockchain monitoring service, and suggests the whale bought into bitcoin’s recent dip.
A Whale Has Purchased Quite a Bit of BTC
At the time of writing, the world’s number one digital currency by market cap has lost quite a bit of momentum. The asset has fallen to about $47,000 per unit at press time, which is more than $20,000 less than the all-time high it reached last month of $68,000.
Overall, the whale purchased as much as 3,000 separate units over just the last few days alone. It is now estimated that the person in question holds over $6 billion in BTC, with approximately $3 billion of that money coming over the past few years thanks to bitcoin’s spiking price.
The crypto address holding the money has been active for about two years. First entering the digital currency scene in 2019, the wallet garnered tens of thousands of bitcoin units throughout 2020 and 2021. The latest purchase brings the number of BTC units held in the wallet to more than 118,000. Each coin was purchased at an average price of $21,160.
Naturally, the move has caused many individuals and analysts to begin speculating about who holds the wallet. One person suggested that the wallet belongs to a crypto exchange, and that it is adding units to its cold storage facility. However, anonymous trader Venture Founder says that this probably isn’t the case. In an interview, Venture Founder says:
Transaction volume and pattern doesn’t seem to support this. Very inconsistent from other cold wallets. For one, many strategic buy the dip and sell the rally behaviors and clear long term accumulation trend.
It is believed that other whales are set to fully take advantage of the bitcoin price dip as well. Marcus Sotiriou – a sales trader at Global Block – explained in a recent statement:
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.
Could The Bulls Take Over in 2022?
The anonymous whale is believed by some to have purchased the bitcoin through a belief that the present bull run is not quite over, and that new highs will be reached either next month or at least early in the year. Sotiriou says:
I don’t think this is the end to the bull cycle. [The latest price drop] has given weight to the lengthening cycle theory, where this bull market could extend into 2022, contrary to many analysts’ expectations of a blow off top in 2021.
The trader in question had also completed a purchase in November of 8,117 bitcoin units when the currency was trading in the low $50,000 range.