If you are a trader or an investor in the crypto market, then you already know that at some point or the other, every crypto is going to take a tumble, and its price is going to flat out. This is known as market corrections, and these are like a cycle, coming and going at dedicated intervals. If someone is smart, and by smart, it means really smart, speculating every move of a dedicated cryptocurrency, then that person is going to know when a correction for that crypto is in order.
These sizable individuals are known as crypto whales; these people have their money, time, and focus invested in the crypto market. They are looking for such scenarios where bitcoin’s price decrease or takes a dip so that they can cash it. At present, the Bitcoin whales are actively buying every token they can get their hands on, and according to a recent report, the largest Bitcoin whale has made a purchase of $13 million worth of Bitcoin averaging at a price of $40.5 K. As for the identity of the whales such as who it is, which company or financial institution it belongs to, all of it remains anonymous at the point.
Bitcoin Whale Also Purchased Bitcoin During The Dip
This is not the first purchase made by this Bitcoin whale as it has accumulated massive amounts of Bitcoin in the past, such as in the mid-may crash and during the dip where the average price of Bitcoin was lurking at $30K. Most of these transactions take place at the world’s largest crypto exchange known as Coinbase. Interestingly enough, in this recent purchase, the Bitcoin whale was able to secure 321 bitcoins everything at the price of $40.5K.
The total stash for this mysterious whale is about 111795 bitcoins which in itself is an accomplishment. No one knows when this whale is going to start dumping these Bitcoins into the crypto market, but it can be sensed that not anytime soon. When the market takes an upward hike, it might be possible the whale will start to take notice of this upward shift and cash some of its Bitcoin stashes.