The 3rd biggest BTC whale keeps eating its way through enormous acquisitions from the cryptocurrency industry. According to BitInfoCharts, this same anonymous whale is the world’s largest non-exchange organization, having bought a stunning 1,800 Bitcoin in the last 7 days.
BTC Acquisition by 3rd Largest BTC Whale
With BTC pricing at $39,854, the anonymous whale’s wallet presently contains $71,737,200 in Bitcoin. The wallet contains 125,552 BTC, with a market price of $4,999,829,118. Last week alone, the anonymous wallet snatched up 2,822 Bitcoin worth more than $117M from the market. The whale is the third-largest non-exchange entity, despite its low ranking.
As BitInfoCharts notes, the wallet demonstrates a common history of purchasing BTC in the hundreds and subsequently sending 1,500 Bitcoin to wallets linked with Coinbase periodically. This year’s whale has been much more active than the previous whale during Q4 of 2021.
Analysis by Benjamin Cowen
Benjamin Cowen, a well-known cryptocurrency expert, discovered that the whale seems to be trading Bitcoin inside a specified price range, purchasing falls, and selling local uptrends. However, in the low and mid $30,000s, you could see that they have been increasing their stock regularly. In light of the recent removal of several from consideration, this is particularly noteworthy…
We must recognize that certain people enjoy swing trading in the market. Some people trade ranges, selling when the price reaches the peak of the line and buying when the price reaches the bottom. If we go that way before November – to provide some context – we can see that they did indeed take 1.5K BTC off the market for $67K.
As opposed to the whale’s highly active trading technique, Cowen points out that most of the wealthiest BTC wallets prefer to purchase only on rare occasions, usually after significant price corrections. He believes that a revival among the most long-term plan whales might be a key buy signal for BTC in the future.
It would be lovely to see these wallets again filling up with cash. In the future, when BTC is selling at some low price, and we’re all feeling gloomy about it, it would be amusing to see these wallets restocking. Well, they got 3.8K BTC for 3,100 whenever the bottom was 3,1K, and then they scooped it up for 31K when the bottom was 29K; perhaps they’ll do a fantastic job once more in the future. BTC has been steadily declining since a spike early this year that pushed it beyond $47K.