There’s no mistaking who bought the dip, thanks to the transparency of blockchain ledgers.
What Happened: Bitcoin (CRYPTO: BTC) hit a low of $39,787 late on Tuesday, before bouncing back above $42,000. According to data from Blockchain.com, the third-largest Bitcoin wallet used the opportunity to accumulate more of the leading digital asset.
On-chain data revealed the whale wallet purchased 321 BTC at an average price of $40,500 per coin. The total value of the transaction was $13 million at the time.
This recent purchase has sent the whale’s crypto holdings to a total of 111,795 BTC worth more than $4.7 billion.
According to CryptoQuant analyst VentureFounder, the whale had an unrealized profit of $2.4 billion at the time of writing.
The 3rd largest #Bitcoin whale wallet bought the dip again today!
321 #BTC added at $40.5k for a total of $13.2M USD. This price is about 10% cheaper than his last few buys at $45-46k range.
This whale wallet now owns 111,795 BTC with an unrealized profit of $2.4B. pic.twitter.com/6J2fCgXvuA
— venturefoundΞr (@venturefounder) September 22, 2021
It is worth noting the same whale sold 9,000 BTC back in May when the price was between $54,000 and $63,000. Even this massive sale only reduced the whale's total BTC holdings by 9% at the time.
Earlier this year, CryptoPotato traced the whale wallet’s transactions and discovered that he or she uses Coinbase Global Inc (NASDAQ:COIN) as its primary exchange for buying and selling Bitcoin, giving rise to speculation that the whale could be based in the U.S.
BTC Price Action: Bitcoin was trading up 6.18% at a price of $43,197.90 at publication Wednesday afternoon.
Photo: Aleksi Räisä on Unsplash
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